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\nThe Four Horsemen of the Econopocalypse\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nIf standard economic theory can't explain a traffic jam, how can it cope with crises?Why has neoclassical economics failed us so miserably in the face of crises? In his new book The End of Theory: Financial Crises, the Failure of...\nIf standard economic theory can't explain a traffic jam, how can it cope with crises?

Why has neoclassical economics failed us so miserably in the face of crises? In his new book The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, Richard Bookstaber, Chief Risk Officer at the University of California Board of Regents, shows how the assumptions underlying the field's orthodoxy are so distant from lived reality that they lose their power to interpret the world. Bookstaber points to \"four horsemen of the econopolypse\"-- aspects of reality that traditional economics can't deal with--and calls for a new \"agent-based\" economic model that invokes real-world simulations. It acknowledges that individuals are not identical, radical optimizers; their interactions with each other and their environments matter; and the future doesn't always look like the past. \"You can't solve the world through a set of equations,\" says Bookstaber. \"You cant solve for life; you have to live life.\"
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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14:51
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Grade
Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2017
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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economics, cars, work, time, sharing
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video, camera phone, video phone, free, upload, radical uncertainty, liquidity providers, standard economics, world works, system, people, liquidity, change, based, interactions, theory, world, call, interaction, model, structure, interact, middle, roadway, live, life, point, future, back, step, environment
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Video is ad-free
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