W5 academic lecture - Eric Beinhocker: The economy as a complex and evolving system

[@non-humanparty2200]

I definitely resonate with the ideas about government needing to facilitate innovation and to ensure information symmetry for a fair and popular market. I'll be incorporating more of this for the party :) Thanks, Eric No idea why he only got a small, polite applause at the end. This was fascinating.

[@MrMarinus18]

And the US actually does this pretty well. Silicon valley might like to pretend its all liberal economics but they rely heavily on government financing. Which does raise eyebrows considering how notoriously stingy the US is with it's welfare state.

[@LuisZea]

CAS is a framework that tries to study and address old phenomena looking for new ways of understanding them to control it more efficiently. The economy and the CAS can be new allies.

[@PassTheMicAcornOak]

I'm shocked when I hear people teaching saying that we moved from "Constructive economy" to "Extracting economy" in the 70's. Our Economy has always been extracting. Also, the "social contract" that he described never existed!

[@LRKFallon]

Interesting, Adam Curtis the BBC journalist came to the conclusion he gives in the first 12 minutes as well. That was Ayn Rand in the bottom left wasn't it.

[@ihmemaa852]

So, did I understand that correctly that the lecturer contributed to the problem of the "disconnect in the economic contract" himself through successfully "maximizing stakeholder profit" and now he is still lecturing? The biggest problem in the world seems to be that theoreticians don't suffer the consequences of their own crap. I'd say that the number of solutions is so much higher in capitalism because capitalism has caused 10 million more problems that we now need to find solutions for. And mostly it seems we find solutions that only create new problems.

[@TurtleHermitBloopers]

cant wait to drop economics

[@rossbutler1498]

So liberal economic policies since the 1970s are to blame for the failings of modern capitalism, and the solution is to think in terms of solutions, moral fairness and inclusion. Solutions - well yes, that’s the market. Moral fairness and inclusion… ok, but what does that really mean, and who decides? You say the economy is complex (correct) but then assume you can do better than the market at managing it fairly. This is just hubris.

[@jusjosgra]

All the charts at the beginning of the talk are the evidence that the market doesnt manage this fairly... He (and others) are saying that the status quo assumption that the market (as it exists today) values fairly is incorrect. Therefore regulation is needed or we need to redesign the market to build in a different value function so it self-regulates more effectively.