Why Economics Failed [George Soros]

The transcript critiques economic theory for its failure to account for the social nature of economics, contrasting it with natural sciences. It argues that economics has unsuccessfully tried to emulate physics by seeking universal laws, ignoring the role of human cognition and decision-making. The concept of reflexivity is introduced, highlighting the feedback loop between participants' views and reality, which challenges the predictability of economic models.

In what way does the author suggest that economics tried to imitate Newton's physics?

What implications does the author suggest arise from the decisions being based on biased interpretations of reality?