It's Time to Junk the Flawed Economic Models That Make the World a Dangerous Place
19 Sep 2016
It’s 26 years since Paul Romer shook the discipline of economics with a single research paper. Entitled Endogenous Technological Change, Romer’s article showed how information technology changed something fundamental about our world – moving the focus of economics away from land, labour and capital towards “people, ideas and things”. Last week, a generation later, Romer published what many see as an equally significant intervention. Macroeconomics, he argues, is like a science that has not only stalled for three decades, but has actually gone backwards in its ability to understand reality.
To continue reading this article citing Prof. Doyne Farmer's research from The Guardian, please click here.