European Commission backs Complexity: Paul on the ‘Grand Challenges of Economics’

The European Commission is in the process of commissioning two ‘flagship’ projects, with potential funding of 1 billion (yes, a billion) Euros each over ten years.  These have to be at the absolute cutting edge of science.

There are six short-listed projects, which are being funded this year to write the proposals – itself an interesting study in evolving complex systems.  Five are in the natural sciences and one, FuturICT, is in the social sciences (   “The ultimate goal of the FuturICT flagship project is to understand and manage complex, global, socially interactive systems, with a focus on sustainability and resilience.”

The core team have just finished a five day intense meeting on Lake Maggiore to put the proposal in place.  Our very own Paul Ormerod is one of the key people involved in the Grand Challenges of economics, and here is his presentation to the meeting.

The complexity perspective provides Grand Challenges to established thinking, which potentially enhance the power of policymakers.


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