Economics as we know it today is broken. Unable to explain, to predict or to protect, it is need of root-and-branch replacement. Or, to borrow from Alan Greenspan, it is fundamentally “flawed”.
But where do we look for inspiration in facilitating what is the mother of all paradigm shifts? Interestingly, the most insightful and strikingly innovative ideas are coming from all directions other than the economics profession.
Ecology offers the insight that the economy is best understood as a complex adaptive system, more a garden to be lovingly observed and tended than a machine to be regulated by mathematically calculable formulae.
For some reason Jonathan Dawson and the Guardian articulate the economic ecosystem conundrum in a way that ia always very readable. Mark this for Sunday reading, too. :)
See on www.guardian.co.uk