In this short interview, Institute for New Economic Thinking co-founder George Soros tackles the question at the heart of the Institute’s mission: What’s wrong with economics and what can we do to change it?
“Economic theory needs to be rethought from the ground-up,” Soros says. He specifically criticizes economists who are trying to produce theories that behave like laws in Newtonian physics, which Soros has long believed is impossible.
To change this, Soros says economics needs to reexamine its own behavior. “You need a new approach with different methods and also different criteria of what is acceptable,” he says. And he says that economic thinking needs to begin addressing real-world policy questions rather than simply creating more mathematical equations.
George Soros video embedded below
H/T MAMTA BADKAR