Eric Beinhocker: The economy as a complex and evolving system

Rethinking Capitalism lecture

This week’s lectures argues how decades of research and the 2008 financial crisis has exposed severe shortcomings in the orthodox neoclassical economic model and raised questions about policies and political ideologies that derive from that model. Eric makes the case that the economy is not the static equilibrium system of traditional theory but is in fact a “complex adaptive system”.

He discusses what that perspective means and how such an understanding radically changes our notions of how the economy works and how it might be made to work better for more people. Eric also closes with some thoughts on implications of this perspective for politics, policy, and the future of capitalism.

Capitalism done right: a co-operative system to solve human problems

Photo by rawpixel on Unsplash

Each week in conjunction with our Rethinking Capitalism lectures, we will be posting a blog article written by Brendan Maton which will complement the content presented in each lecture.

Capitalism done right: a co-operative system to solve human problems” examines Eric Beinhocker’s arguments that economies is a system that is constantly evolving and adapting to the needs of wider society, with people and grand challenges at the heart of this. Read more.

Our Medium feature page, Rethinking Capitalism, will be updated weekly with content relating to each lecture. In week 6 of Rethinking Capitalism, Governing the Digital Economy will be presented by Rainer Kattel.

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