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PUBLIC Talk - PAUL ORMEROD (Volterra) - Economics was useless during the financial crisis. What can be done?

When Nov 28, 2013
from 05:00 PM to 06:00 PM
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‘Economics was useless during the financial crisis.

What can be done?’ 

~~~ A Talk by Paul Ormerod ~~~

The dominant paradigm in macroeconomic theory over the past 30 years has been that of rational agents making optimal decisions under the assumption that they form their expectations about the future rationally.


It is these ideas which the financial crisis falsified. Macroeconomics provided the intellectual underpinning for a world in which situations involving risk led to it being systematically underestimated, and in which situations of genuine uncertainty were not recognised for what they were.


What can be done?


Paul Ormerod is the author of:

Why Most Things Fail: And How to Avoid It’.

Positive Linking: How Networks Can Revolutionise the World’.

What’s the Use of Economics: Teaching the Dismal Science after the Crisis’.




5-6pm, 28 Nov 2013

Meeting Room I4


Cambridge CB2 1RH