The economy is a nonlinear fractal system, where the smalle… - David Orrell

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The economy is a nonlinear fractal system, where the smallest scales are linked to the largest, and the decisions of the central bank are affected by the gut instincts of the people on the street.

David Orrell

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About David Orrell

David John Orrell (born 1962 in Edmonton) is a Canadian mathematician and author who is living in Oxford, England. He received his doctorate in mathematics from the University of Oxford.

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Alternative Names: David John Orrell

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Steve Keen John Komlos Joan Robinson John Kenneth Galbraith John Maynard Keynes

Additional quotes by David Orrell

Adam Smith's invisible hand does exist, but as an emergent property of a complex system. It has a fuzzy tendency to reduce big price discrepancies, but it acts in a rather haphazard way.

The neoclassical dogma of diminishing returns is completely wrong - success begets success and wealth begets wealth.

If the aim of economics is really to provide the greatest happiness to the most people, than it is rather shocking to discover that economic growth has no net effect on happiness. So what has gone wrong with the neoclassical prospect?

The economy is a nonlinear fractal system, where the smallest scales are linked to the largest, and the decisions of the central bank are affected by… - David Orrell

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