Why we need a 21st century view of how the economy | tutor2u Economics
Enrichment

Why we need a 21st century view of how the economy works

This extended article from the Evanomics website is a superb enrichment piece for ambitious Year 12 and Year 13 students. The piece is written by Nick Hanauer is an entrepreneur and venture capitalist. Eric Beinhocker is the Executive Director of the Institute for New Economic Thinking at the Oxford Martin School, University of Oxford. Among the many stand-out lines is this one "Prosperity in a society is the accumulation of solutions to human problems."

Traditional economic orthodoxy assumes that markets are efficient, people are rational, and economies naturally move to an optimal state. But we now understand that markets can be far from efficient, people are not always rational, and the economy is a complex, dynamic, evolutionary problem-solving system—more like an interdependent ecosystem than an efficient machine.

We Desperately Need a Twenty-First Century View of the Economy

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