The concept that this institute is proposing is interesting. It seems like a more relatable, and potentially even more relevant form of economic thinking. Despite this, I doubt that it will replace the existing lens' of economic theory.
I think new research that questions traditional/neoclassical economics is very important, so this is a step in the right direction. I just think it's strange how there needs to be an institution for it, and that economics as a whole is not moving in that direction. I would think that people studying economics would realize how many assumptions made in neoclassical economics are not actually possible in real world scenarios. I guess it comes down to whoever has the power to put these new ideas in the front over old, outdated ideas of economics. People tend to be more careful with economics since it has a huge influence on policies (for better or for worse).
I think that the concepts presented by this institute can possibly provide avenues for a different perspective of economic theory and answer questions about possible dysfunctions in economies today. Personally, I think that this approach is interesting but I think people will not buy into this idea.
I agree with Branden, having alternative explanations for what traditional theory cannot explain will be useful. Their goal "is to offer hopeful solutions to the key challenges of the 21st century," yet only they "accept that complexity and uncertainty are inherent in economic and financial systems..." It is an interesting idea but they will meet some difficulties as I think that people have to accept that traditional economics are failing us before they will be open to hear any solutions. How will they convince masses to accept and believe this concept of new economics, when people are used to sticking to what they know?
This is very interesting. But I pretty much agree with Chido. I can't imagine this is going to start replacing the economic theory found in our textbooks and curriculum. Although I definitely think it wouldn't be a bad idea if it did.
I agree with most people. I can't believe the current view of economics would be changed anytime soon. However, the new economic thinking does seem to be geared more towards the issues of today and give us different insights and possibilities to fix the unexplained issues, which is definitely a positive.
Although an interesting and new perspective to view economics, I also agree with the majority that it will not replace the current economic theory in the future.
The concept that this institute is proposing is interesting. It seems like a more relatable, and potentially even more relevant form of economic thinking. Despite this, I doubt that it will replace the existing lens' of economic theory.
ReplyDeleteI agree with Zoe. Some of the language reminded me of chapter 7 on health care of this weeks reading.
ReplyDeleteI think new research that questions traditional/neoclassical economics is very important, so this is a step in the right direction. I just think it's strange how there needs to be an institution for it, and that economics as a whole is not moving in that direction. I would think that people studying economics would realize how many assumptions made in neoclassical economics are not actually possible in real world scenarios. I guess it comes down to whoever has the power to put these new ideas in the front over old, outdated ideas of economics. People tend to be more careful with economics since it has a huge influence on policies (for better or for worse).
ReplyDeleteI think that the concepts presented by this institute can possibly provide avenues for a different perspective of economic theory and answer questions about possible dysfunctions in economies today. Personally, I think that this approach is interesting but I think people will not buy into this idea.
ReplyDeleteI agree with Branden, having alternative explanations for what traditional theory cannot explain will be useful. Their goal "is to offer hopeful solutions to the key challenges of the 21st century," yet only they "accept that complexity and uncertainty are inherent in economic and financial systems..." It is an interesting idea but they will meet some difficulties as I think that people have to accept that traditional economics are failing us before they will be open to hear any solutions. How will they convince masses to accept and believe this concept of new economics, when people are used to sticking to what they know?
ReplyDeleteI agree. This seems like much more than a fad, but I don't see it replacing traditional economic theory anytime soon.
ReplyDeleteThis is very interesting. But I pretty much agree with Chido. I can't imagine this is going to start replacing the economic theory found in our textbooks and curriculum. Although I definitely think it wouldn't be a bad idea if it did.
ReplyDeleteI agree. I don't think that it can replace traditional economy theory in the very near future.
ReplyDeleteI agree with most people. I can't believe the current view of economics would be changed anytime soon. However, the new economic thinking does seem to be geared more towards the issues of today and give us different insights and possibilities to fix the unexplained issues, which is definitely a positive.
ReplyDeleteAlthough an interesting and new perspective to view economics, I also agree with the majority that it will not replace the current economic theory in the future.
ReplyDelete