Tim Harford argues that the world economy - and attendant problems from innovation to climate change to the financial crisis - is too complex to allow solutions to be figured out from first principles, right first time. Successful problem solving in a complex system relies on effective mechanisms for formal and informal experiments, and promoting the results of successful experiments. He explores successful institutions for trial and error and discusses some of the political and psychological obstacles to the broader use of this approach.
Tim Harford is the author of The Undercover Economist, Dear Undercover Economist and The Logic of Life. He is a columnist for the Financial Times and the presenter of BBC Radio 4’s award-winning More or Less. He is a regular broadcaster, media contributor and public speaker.
Where: Reception, Reserve Bank of NZ, No 2 The Terrace
When: 1:30 p.m. - 3:00 p.m. Tuesday 28 June 2011
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