Neo-classical models are neat, plausible, and wrong. The main reason that mainstream economics survived the challenge of the global financial crisis is not because of its strength, but because of it's irrelevance.
The Tipping Point
I may be wrong, but it looks like a tipping point. A host of concerned economy-watchers are beginning to understand that most economists failed to understand or predict the global economic crisis, and should therefore be deposed. Just as the despots of north Africa and the middle East crumbled in the face of a critical mass of popular opposition, so too mainstream economics is looking shaky in the fresh-faced glare of laymen.
Current best practices in risk management work only when correlations are stable. At turning points historical relationships between assets breakdown. The only way to effectively anticipate future risk factors is by understanding root macroeconomic causes.
Renegade Tycoons is the show that meets business owners, business leaders and entrepreneurs. Chrystina Schmidt is co-founder and creative director of Scandium, London’s leading Scandinavian designer home store.
Since they first appeared in the New Testament, the Four Horsemen of the Apocalypse have ridden roughshod into the consciousness of every generation. They remain a potent symbol in popular culture. But, as a judgment on the failings of human beings, and as a warning to put our collective house in order, they’ve had remarkably little effect.
In this latest show Renegade Economist host Ross Ashcroft talks with Larry Lamb, George Lamb and Roger Mavity about todays relevance of the American Dream with Andrew Walker providing the data insights.
It was Herbert Spencer who first coined the term “survival of the fittest” but that is not the optimum way a society should function.
Ed Milliband’s conference speech in Liverpool was typical of any populist career politician. The central theme was “I’m different so you can trust me with the big economic decisions”.
Ross Ashcroft talks to George Cooper, author of Money, Blood & Revolution.
In the book he suggests that the economics profession is itself in a state of crisis. It needs the kind of shift in thinking that Copernicus brought to astronomy, or Charles Darwin to biology.