Networks and Policy in the 21st Century

Venue: Bonython Hall

The intellectual basis of almost all social and economic policy in the West over the past 60 years has been that of the rational decision maker of mainstream economic theory, acting out of self-interest and in complete isolation. The financial crisis has made plain for all to see the serious limitations of this approach. Policy makers need to recognise that individuals, firms, regulatory bodies, operate in society and are influenced directly by what others think or do. We need a completely different way of thinking about social and economic policy.