What is Wrong with Modern Economics? (Tony Lawson)

Why did economists not see the financial crisis coming? Has modern economics lost touch with reality and instead lost itself in fancy mathematic models? These are questions that have thrown the economic discipline into turmoil and (hopefully) self-reflection.
To discuss and argue his case for why Modern Economics has lost its way we will host Professor Tony Lawson of the Faculty of Economics, University of Cambridge. He is head of the Cambridge Social Ontology Group with its fortnightly Cambridge Realist Group and is patron of CSEP. We are particularly delighted and honoured to have him speak. He has written several prominent books on this matter including ‘Reorienting Economics’, ‘Economics and Reality’ and released this year ‘Essays on: Nature and State of Modern Economics’. For the many of you who may have heard his lectures, you know how passionately he speaks on this matter!
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[@FromTheHeart2]

Nothing...NOTHING.. more galvanizing, uplifting, generous than a human being, a social scientist here, thinking and rolling out its thought in an ordered intelligent manner.

[@lzhfc5647]

The speaker should not confuse economics with mathematical models used in economic forecasting. the difference between the financial sector and the real part of the economy should also have been emphasized.

[@danielk.5890]

Excellent lecture. I really enjoyed it. Thank you.

[@sandracrawford9813]

I got to twenty minutes in I still did not have any idea of what is wrong with economics. It is a good job I already have a good idea, or I would never have known.....

[@nthperson]

The answers are provided by several economists who have had the courage to challenge neoclassical assertions. One is Joseph Stiglitz. Another is Mason Gaffney. Search for their online videos for some good insights.

[@dolarizacionenaccion790]

Didn't know that DANIEL RADCLIFFE went to Cambridge, hahhahahha

[@jamesmcgrath3841]

With all due respect he went around in circles the whole lecture. Essentially repeating the same point over and over.

[@lowersaxon]

Not convincing.

[@Skylark_Jones]

Is Mr Lawson saying ontology is about the real world we live in and economics regardless of theory is not based in the real world, it's disconnected from it?

[@schmetterling4477]

He is mostly saying that he wants your attention for his next level bullshit. ;-)

[@nikkolomakaveli8295]

Is there a transcript or subtitles available. I cannot understand a word he's saying.

[@prathamjain8682]

Amazing❤

[@schmetterling4477]

Yes, amazingly wrong. :-)

[@saturngenesis1306]

​@@schmetterling4477 Why do you think so?

[@schmetterling4477]

@@saturngenesis1306 Because modern economics has given you the most GDP per capita the human race has ever experienced. If that is "wrong" in your books, then I don't know what you were expecting? Golden toilet bowls for everyone? ;-)