We need to abandon the economist's notion of the economy as… - Paul Ormerod

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We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.

Paul Ormerod

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About Paul Ormerod

Paul Ormerod (born in 1969) is a British economist who is researching complexity, complex systems, nonlinear feedback, the boom and bust cycle of business and economic competition. Ormerod uses a multidisciplinary approach, making use of biology, physics, mathematics, statistics and psychology as sources of results that can be applied to economics.

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Steve Keen Paul Krugman Paul Samuelson John Komlos Joseph E. Stiglitz

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The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.

At 2 per cent growth a year, an economy doubles in size in just thirty years.

But Adam Smith was a philosopher as well as well as an economist, famous in his time as much for his Theory of Moral Sentiments as for The Wealth of Nations. And as he understood so well, society is more than the sum of its individual parts.

We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking abou… - Paul Ormerod

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