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Intro

0:00

The era of inclusive growth

2:10

Other features of the break-down

3:41

A breakdown in the social contract & politics

5:14

What happened circa 1973?

7:53

UCL The big change: a shift in ideas

8:27

Ideas give justification and permission to power

9:30

Orthodox theory views the economy as an equilibrium system

12:54

Neoclassical economics

13:08

But what if the theory is wrong?

14:15

Influential but wrong equilibrium memes - examples

16:34

New thinking: the economy is a complex adaptive system

18:05

The complex, dynamic economy evolves at three levels

19:11

Outline

20:36

Knowing that capitalism works is not the same as knowing how and why it works

21:22

access to solutions to human problems

22:58

Real increases in prosperity

26:13

Re-defining capitalism

27:08

Distinguishing between good and bad economic activities

28:39

Human cooperation is fundamental to problem-solving

31:29

Inclusion and a fair social contract are fundamental to capitalist prosperity

34:19

Need for a shift in thinking

36:31

Need for broad reform of capitalism

38:44
W5 academic lecture - Eric Beinhocker: The economy as a complex and evolving system
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2019Feb 13
Rethinking Capitalism undergraduate module Week 5 academic lecture: The economy as a complex and evolving system by Eric Beinhocker This week’s lectures argues how decades of research and the 2008 financial crisis has exposed severe shortcomings in the orthodox neoclassical economic model and raised questions about policies and political ideologies that derive from that model. Eric makes the case that the economy is not the static equilibrium system of traditional theory but is in fact a “complex adaptive system”. He discusses what that perspective means and how such an understanding radically changes our notions of how the economy works and how it might be made to work better for more people. Eric also closes with some thoughts on implications of this perspective for politics, policy, and the future of capitalism. ----------------------------------------------- Sign up to our newsletter to hear about our upcoming events: http://bit.ly/iippnews UCL Institute for Innovation and Public Purpose The Bartlett Faculty of the Built Environment Website: https://ucl.ac.uk/iipp Twitter:   / iipp_ucl   ----------------------------------------------- The Rethinking Capitalism undergraduate module provides students with a critical perspective on these ‘grand-challenges’ and introduces them to new approaches to economics and policy which challenge standard thinking. The module draws on the book “Rethinking Capitalism”, edited by Mariana Mazzucato (Director of IIPP) and Michael Jacobs (Visiting fellow in the UCL School of Public Policy). It features guest academic lectures from some of the chapter authors. These academic lectures are combined with presentations by policy makers working at the frontline of the issues under discussion, including from the Bank of England, the UK Treasury and government departments dealing with innovation and climate change.

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UCL Institute for Innovation and Public Purpose

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