The Path to Economic Growth According to Complexity Science
October 20, 2017
In this episode, Angie interview’s complexity scientist, professor, and founding president of the New England Complex Systems Institute (NECSI), Yaneer Bar-Yam. Professor Bar-Yam shares the details of new research out of NECSI entitled, Preliminary Steps Toward a Universal Economic Dynamics for Monetary and Fiscal Policy. His research, which was conducted with Jean Langlois-Meurinne, Mari Kawakatsu, and Rodolfo Garcia, calls for wealth redistribution, not tax cuts, to improve the US economy.
Quotes from this episode:
So, what's happened is that we've shifted the balance too far to the investment and consumption loop and that is not serving the overall economic growth." - Yaneer Bar-Yam
"Imagine that the economy is like a car that you're driving along a road and the Federal Reserve has just the ability to accelerate or decelerate like applying the gas or applying the brakes, but it doesn't have any way to steer the car, there's no steering wheel in the Federal Reserve's way of doing things." - Yaneer Bar-Yam
"Learning more about complex systems science and how we can characterize and gain an understanding of economic systems and other systems is important." - Yaneer Bar-Yam
Resources from this episode: