Keynes Society Paul Ormerod, author of Why Most Things Fail
The Keynes Society was lucky enough to play host to Paul Ormerod, author of Butterfly Economics, Why Most Things Fail, and The Death of Economics. His talk on ‘21st Century Economics’ started with a basic overview of Rational Choice Theory before moving on to the concepts of bounded rationality and network incentives. His evidence against Rational Choice Theory was interesting and extensive, and his reference to the work of Salganik, Dodds, and Watts as an example of copying behavior and network incentives was fascinating. Mr. Ormerod finished his talk by tying network behavior in with the non-Gaussian distributions often seen in social and economic situations.
Edgar von Ottenritter (SMM)