Presented by Dr Brendan Markey-Towler 

Abstract

The University of Queensland, Australia is at the forefront of developing new methods to analyse the complex system which is the global market economy. Drawing on behavioural economics, complexity economics, knowledge economics and evolutionary economics, researchers within the University have developed and are refining a new model of economies as complex evolving networks of human beings driven by psychology and social influences. This promises to offer us new insight into the functioning of the global market which will prove to be incredibly valuable for industry and government in uncertain and tumultuous times.

In this latest addition to the AIBE Thought Leadership series, we explore a method for forecasting scenarios for the macroeconomy and various geographical and industrial entities within it which may be extracted from this model. It can account previously difficult concepts such as the psychological influences on economic variables, the impact of knowledge and the historical process of structural change in economic networks. Backed by simple, but powerful econometrics and supported by state-of-the-art economic theory, this forecasting methodology is at the cutting edge of the field and already yielding interesting insights.

About AIBE Thought Leadership Discussion Series

Events in this series are held at the UQ Business School Executive Venue, Boardroom, 293 Queen Street, Brisbane unless otherwise specified.