Why We Need To Rethink Economics

“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.

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