This Is the End


Markets, Risk and Human Interaction

August 4, 2017

I'm going to start blogging again

I stopped doing posts on this blog in 2014. I found it too time consuming, and I had painted myself into a corner by the narrow topics, the tone, and the article-like discourse. So I'm going to do a reset. I will just throw things out there that are on my mind, crafted to be one step better than stream of conciousness. It will be more like Tweets without the character constraint. At least that is my plan.

For now, as those of you who have found their way to this post might know, I came out with a new book a few months ago called The End of Theory. (I hate linking to Amazon, but that is where people will end up going.)

When I started it, my objective was to explain the use of agent-based modeling to deal with financial crises. I had been working on this at the Office of Financial Research. But in order to motivate the use of this new method, I felt I should explain why economics could not do the job. That took on a life of its own, and by the time I was done my "how-to" book on agent-based modeling had expanded to be a critique of neoclassical economics with the agent-based model proposed as a replacement -- a new paradigm.

I wish I had taken notes as I went along so I could figure out how the book morphed from my original intent. But in any case, I am proud of the end result, and I hope you will find it thought-provoking.

To get a sense of the ideas behind the book, here is a recent interview I gave for The Institute for New Economic Thinking which gets to the key themes.

And, for a more in-depth treatment, here is the webcast of a talk I gave in June at the OECD.