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It’s time to junk the flawed economic models that make the world a dangerous place

Mainstream economics is terrible at understanding the reality of human behaviour. Now, even the respected thinker Paul Romer is calling for change says Paul Mason

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Romer’s huge mea culpa on behalf of mainstream economics is a sign that, after a decade-long hunt for trolls and gremlins as the cause of crisis, academia now has to begin the search for the cause of instablity inside the system, not outside it. My hunch is that the answer lies in large, agent-based simulations, in which millions of virtual people take random decisions driven by irrational urges – such as sex and altruism – not just the pursuit of wealth

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