Arrol Adam Lecture Series - The Problem with Economics
"Economic theory meets cyber society."
Abstract: All scientific theories make simplifying assumptions in order to understand the world. The real question is whether they are reasonable. Cyber society poses fundamental challenges to the core theory of economics, so-called rational choice theory. This theory has been enormously influential with policy makers, at both the micro and macro levels. But completely different approaches are needed for the 21st century.
Bio: Paul Ormerod is an alumnus of Christ’s College and worked as a forecaster at the National Institute of Economic and Social Research before founding the Henley Centre and Volterra Partners. He writes a weekly opinion column on economics and related topics for City AM, and is involved in a high tech venture, Periander, which applies advanced analytical techniques to Big Data for decision makers. He is Visiting Professor in the Centre for Decision Making at University College, London (UCL). His latest book is Positive Linking. www.paulormerod.com
The Arrol Adam Lectures: The Arrol Adam Lectures were set up in memory of William Arrol Adam, who read Chemistry at Fitzwilliam House in 1905 and died in 1939. It was the stated intention of the bequest, made in 1962 by his widow Jane Wylie Adam, to disseminate knowledge, promote discussion of issues of general interest and concern and to foster the use of plain and simple English.