Video – George Soros Says We Need to Rethink Economic Theory

Most of us engaged in sustainability advocacy recognize that there are profound flaws in our current economic system. While some naive and ill-informed green extremists believe we need to do away with economics all together, George Soros co-founder of the Institute for New Economic Thinking espouses a far more rational view.

“Economic theory needs to be rethought from the ground-up,” Soros says. He specifically criticizes economists who are trying to produce theories that behave like laws in Newtonian physics, which Soros has long believed is impossible.

“You need a new approach with different methods and also different criteria of what is acceptable,” he says. And he says that economic thinking needs to begin addressing real-world policy questions rather than simply creating more mathematical equations.

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