Narratives and Economics - a Talk by Paul Omerod
The concept of narratives is gaining traction in economics. The 2016 American Economics Association Presidential address by Robert Schiller was on this topic. The basic idea is that a change in policy may not have a unique outcome because of the way in which it is interpreted, the dominant narrative around it which emerges. Paul illustrates the talk with examples of current policy, such as austerity, and the continuing crises in the Euro. He also give examples of how modern computer science techniques can identify narratives, giving policy makers for the first time a systematic way of influencing them.
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