The discipline of economics is not what it used to be. Over the last few decades, economists have begun a revolutionary reorientation in how we look at the world, and this has major implications for politics, policy, and our everyday lives. For years, conventional economists told us an incomplete story that leaned on the comfortable precision of mathematical abstraction and ignored the complexity of the real world with all of its uncertainties, unknowns, and ongoing evolution.What ...

Tyler Cowen’s controversial New York Times bestseller—the book heard round the world that ignited a firestorm of debate and redefined the nature of America’s economic malaise.America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is no...

In February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an...

Since the financial crisis of 2008, many of us have had to reexamine our beliefs about markets and globalization. How integrated should economies really be? How much regulation is right?Many people fuse these two dimensions of choice into one, either favoring both globalization and deregulation-or opposing both of them.It doesn’t have to be that way.In World 3.0, award-winning author and economist Pankaj Ghemawat reveals the folly in both of these responses...

For half a century the US has sat at the center of the global economic system, and Western-style capitalism has dominated. Now, it's no secret that the center of gravity is shifting. The advanced economies that in 2000 consumed 75% of the world's output will, by 2050, consume just 32%. Meanwhile, the emerging economies of the world--Brazil, India, China, and others--will surge forward.As these fast-growing, low-income economies mature, will they adopt the practices of the old guard...

This book, the author explains, "is concerned with action rather than understanding, with decisions rather than analysis." It deals with the strategies needed to transform rapid changes into opportunities, to turn the threat of change into productive and profitable action that contributes positively to our society, the economy, and the individual.

How ideas in complexity can be used to develop more effective public policyComplexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking...

"Disequilibrium" is an essay at the intersection of economics, geopolitics, and political and environmental science: it connects the dots between various academic disciplines and does a great job at simplifying the increasing complexity of today's world. It contends that in the foreseeable future, our world will be lurching from one global crisis to the next as it becomes much more susceptible to shocks and surprises than just a few years ago. Consequently, we will all have the impression ...

The spread of capitalism worldwide has made people wealthier than ever before. But capitalism’s future is far from assured. The global financial meltdown of 2008 nearly produced a great depression. Economies in Europe are still teetering. Income inequality, resource depletion, mass migrations from poor to rich countries, religious fundamentalism-these are just a few of the threats to continuing prosperity.How can capitalism be sustained? And who should spearhead the effort? Critics...

Most managers know very little about the technology they introduce into their firms, often preferring to leave such decisions to a small band of technological 'experts'. As a result large amounts of time and money are often wasted on inappropriate and inefficient systems. The cost of retraining and reorganising can also be prohibitive if the new technology does not deliver the desired results.In a business environment where technology is of increasing importance, the non-technical m...

Canada is a prosperous country, but this prosperity is being stressed by demographics, pressures on the public purse, and low productivity growth. To maintain the nation's high quality of life, prosperity must increase while remaining sustainable. Combining Tom Brzustowski's extensive knowledge of government, industry, and academia, The Way Ahead, articulates a strategy for moving the Canadian economy towards higher-value products based on research and development, describing the ...

Balancing climate change mitigation and increased energy needs in developing countries poses a serious dilemma that can only be reconciled with new and improved clean energy technologies. Factors, such as relatively low levels of research, development and deployment (RD&D) funding and significant barriers to advancement, must be overcome to accelerate innovation in the energy sector. The paper examines four case studies that provide lessons that can strengthen the development of new technolog...