TO PARAPHRASE the economist John Maynard Keynes, society is controlled by .
Once upon a time, economists assumed that humans were perfectly rational and had access to all the information they needed. This statement is so plainly untrue that some may be surprised that it ever took hold. Nevertheless it made for simple theories that were easy to work with and that鈥檚 why, over the decades, economic thinking was influenced by a 鈥渄ark love of inappropriate scientific elegance鈥�, as Emanuel Derman, a financial engineer, put it (see 鈥�How mathematical modelling seduced Wall Street鈥�).
Fortunately, there鈥檚 been much progress in connecting economics with the real world. In 鈥�Revealed 鈥� the capitalist network that runs the world鈥�, we report the extent to which a few companies control the global economy, and the perils of them being too tightly interconnected, before examining the benefits of placing a realistic value on humanity鈥檚 long-term future.
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In recent issues we have highlighted ways that scientific research can shape economics, such as incorporating thinking from ecology. As Keynes remarked, .