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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