Robert Skidelsky and Edward Skidelsky Call for New Economic Thinking

June 19th, 2012 by Kara in News

The quest of this Institute is to generate change in today’s dominant financial paradigm. The change will entail integration of ethics into finance theory. The foundation of the current paradigm rests on the assumptions that economic agents are rationally self-interested and focused solely on the pursuit of maximum profit. These neo-classical economic assumptions help simplify the world for the purpose of econometric modeling. Alas, over the last six decades, these economic assumptions metamorphosized into values. In other words, the assumptions became the ethic – we should be self-interested and we should pursue ...