Dominant Culture and Economics
Paul Ormerod Keynotes - The Paul Ormerod speech is on widely held economic theories and how they affect public policy. The...
As individuals act independently with their own tastes and preferences, they are also widely affected by group thinking. He uses the collapse of the banking system and the recession of 2008 as an example. Banks were judged on their portfolios and a systemic crash was not predicted. Circumstances can not be judged objectively, as narrative plays an important part. So to change behavior, values must be altered, and persuasion and stories must be used to change the dominant culture and unlock networks.