The Future of Everything

September 6, 2015

The true value of money: What would a revolution of economics look like?

Filed under: Economics — Tags: , — David @ 11:50 am

Economics needs a revolution.

This sentiment has been expressed by people from the physicist turned hedge-fund manager Jean-Philippe Bouchaud (in a 2008 paper), to the Bank of England’s Andrew Haldane (in a 2014 foreword for Manchester’s student-run Post-Crash Economics), to activist groups such as Kick It Over. So what would such a revolution look like?

Perhaps the archetypal model for a scientific revolution is the quantum revolution that shocked the world at the turn of the last century. In the space of a few short years, almost everything that was known about the nature of matter was overturned. The Newtonian view of the world as a predictable machine crumbled with it.

Except, that is, in economics – which continues to base its models on quasi-Newtonian economic laws.

Read the full article at Adbusters.

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