George Soros: Why We Need To Rethink Economics

The video discusses the shortcomings of traditional economic theories like the efficient market hypothesis and rational choice theory, comparing their failure to the financial crisis post-Lehman Brothers. It highlights the transition to a new phase in economic thought, emphasizing the need for new theories that address both academic and policy issues. The video calls for a fundamental rethinking of economic assumptions, advocating for a new approach that diverges from trying to emulate the universality of Newtonian physics.

What does the speaker hope to achieve with the new theories in economics?

Why does the speaker believe that a universally valid economic theory is an impossibility?