John Smithin: Forging Fresh Tools from the Past

The video discusses the need for new economic thinking, comparing past and present economic responses, and highlighting methodological issues in mainstream economics. It emphasizes the importance of understanding capitalism, money, and credit creation. Suggestions for changes in teaching and curriculum are provided, along with an introduction to modern economic methods using computer simulations and handling fundamental uncertainty.

What does the speaker mean by the term 'barter illusion'?

What are the proposed remedies for the issues in economic theory as discussed by the speaker?

How does the speaker suggest we can handle fundamental uncertainty in economic models?

What role does the concept of reflexivity play in economic theory according to the speaker?