Share this Story : Financial Post Copy Link Email X Reddit Pinterest LinkedIn Tumblr

Opinion: A Nobel for recognizing complexity in economic science

It's not easy to build complex microeconomic considerations into simple macroeconomic models but trying has improved policy at least a bit

Adam Smith’s “invisible hand” has an almost occult reputation, as though some elusive force were steering the economy without our knowledge. But there’s nothing enigmatic about the economy. It’s simply the sum of millions of very visible decisions, seen from a distance: a young couple putting off the purchase of a condo, a café owner raising the price of her latte, a worker deciding it’s finally time to change jobs.

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.

Daily content from Financial Times, the world's leading global business publication.

Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.

National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.

Daily puzzles, including the New York Times Crossword.

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.

Daily content from Financial Times, the world's leading global business publication.

Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.

National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.

Daily puzzles, including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.

Share your thoughts and join the conversation in the comments.

Enjoy additional articles per month.

Get email updates from your favourite authors.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account

Share your thoughts and join the conversation in the comments

Enjoy additional articles per month

Get email updates from your favourite........

© Financial Post