#14 – Eric Beinhocker: “New Economics” Is Coming For You

My guest today is Eric Beinhocker, Professor of Practice in Public Policy at the Blavatnik School of Government, University of Oxford, and the founder and Executive Director of the Institute for New Economic Thinking at the University’s Oxford Martin School. Eric is the author of numerous academic articles and books, including The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics (2007). In our conversation, Eric and I contrast traditional economics (neoclassical theory) with new economics (complexity economics). We also explore the policy implications of these differing economic theories, discussing topics ranging from aggressive growth strategies to complexity catastrophes in digital economies. I hope you enjoy our conversation. References: The origin of wealth: Evolution, complexity, and the radical remaking of economics (2007) ⁠https://moldham74.github.io/AussieCAS/papers/Origins⁠ of Wealth.pdf Getting Big Too Fast: Strategic Dynamics with Increasing Returns and Bounded Rationality (2007) ⁠https://pubsonline.informs.org/doi/pdf/10.1287/mnsc.1060.0673⁠ Fair Social Contracts and the Foundations of Large-Scale Collaboration (2022) ⁠https://oms-inet.files.svdcdn.com/staging/files/Fair-Social-Contracts-Beinhocker-v8-22-22.pdf⁠ Reflexivity, complexity, and the nature of social science (2013) ⁠https://www.tandfonline.com/doi/full/10.1080/1350178X.2013.859403⁠