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Video – George Soros Says We Need to Rethink Economic Theory

by Richard Matthews
July 20, 2013
in Other
0

Most of us engaged in sustainability advocacy recognize that there are profound flaws in our current economic system. While some naive and ill-informed green extremists believe we need to do away with economics all together, George Soros co-founder of the Institute for New Economic Thinking espouses a far more rational view.

“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.

“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.

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