new economics and planning
Post on 17-Oct-2014
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Presentation about what ad agencies can learn from new economic thinkers.TRANSCRIPT
new economics and planning
what can we learn from contemporary economic thinking?
Paul Feldwick –planning legend
Tyler Cowen –economist, author of Discover Your Inner Economist
John Quelch –author of Greater Good: How Good Marketing Makes for Better Democracy
Eamonn Butler –Author of The Best Book on the Market:How to Stop Worrying and Love the Free Economy
Nassim Nicholas Taleb –trader, philosophical economist and author of The Black Swan
what is ‘new’economics?
movement began in Paris, 2000 –against the ‘autistic’ orthodoxyof economics – anti-neoclassicism
a paradigm shift in the ‘dismal science’
• complex contemporary economic debates cannot be ‘solved’ with maths alone
• pluralistic rather than dogmatic in approach
• a focus on the real rather than the imaginary / theoretical
We no longer want to have this
autistic scienceimposed on us.
‘Economics is monopolised by a single approach to the explanation and analysis of
economic phenomena…
‘At the heart of this approach lies a
commitment to formal modes of reasoning that
must be employed for research to be
considered valid’
the myth of rational man
And rational organisations – belief in the rational is in itself irrationalFeldwick, Poe
How do you start a fire under a wet blanket?
‘fit your theory onto a postcard’
post-autistic economics
How many economists does it take to change a lightbulb?
Two: One to change the bulb and one to assume the existence of a ladder
Eight: One to screw in the light bulb and seven to hold everything else constant
None: They are all waiting for an invisible hand
postmodernism
Michel Foucault
Jacques Derrida >
‘I actually think there is a small chance one could bin the 60% of advertising thinking which is essentially crap (especially that based around the idea of persuasion), and replace it with material from Post-Autistic Economics. By doing so, you could create an extraordinary business.’
- Rory Sutherland
Will Computers ReallyDecentralisethe Economy?
‘It is a ubiquitous assumption of the technorati that future advances in computer technology will further decentralize advanced economies. But this assumption is probably autistic, and the reality a lot more complicated.’
Ian Fletcher
nassimnicholas taleb
The Black Swan: The Impact of the Highly Improbable
mediocristan or extremistan?
shattering the bell curve embrace power law
embrace failure
‘maximise serendipity’
take risks
there’s more to come …