Imagination in Economics

Models, uncertainty, and imagination in economics

In this talk, Richard Bronk explores the role of imagination, models, and metaphors in economics - particularly when making sense of economic behaviour in conditions of radical uncertainty. Richard concludes that business and policymaking are art forms involving creativity and judgment as well as disciplined analysis.

This talk was given online at the Currency House Creative Convention in Sydney in July 2021. For transcript of talk,

Podcast discussion on Uncertain Futures with Mark Blyth and Jens Beckert

The uncertainties in our economy go beyond measurable risk. Simply put: there are some things we can not know. So how do economic actors form expectations and decide how to act despite this existential uncertainty? In this podcast Mark Blyth of Brown University explores this question with Jens Beckert and Richard Bronk, editors of ‘Uncertain Future: Imaginaries, Narratives, and Calculation in the Economy.' They examine the challenges that arise from uncertainty and explore the extent to which the future belongs to those with the market, political, or rhetorical power to make their models or stories count.

For podcast published by the Rhodes Center on 1 November 2019,

Launch panel discussion on Uncertain Futures

Panel discussion hosted by the European Institute, LSE to mark the book launch of Uncertain Futures, exploring how economic actors visualise the future and decide how to act in conditions of radical uncertainty. Richard Bronk and Jens Beckert are in discussion with Waltraud Schelkle, Ekaterina Svetlova and Adair Turner, chaired by George Gaskell.

For the podcast recorded at live event at LSE on 1 November 2018,

Economics for Uncertain Times

The world is rapidly changing and the future is more unknown than ever. In this talk, Jens Beckert and Richard Bronk explore the narratives and predictions we use to help navigate economic uncertainty. We all make decisions with an eye to the future; we form expectations, calculate likelihoods, and predict the outcomes of every action we take. But in a culture of restless innovation, we can’t always be sure that the future will resemble the past. As the pace of change increases, we often have to make decisions based on forecasts of a future that is still being written.

This event was recorded live at The RSA on Thursday 1st November 2018. For the podcast,

Coping with Uncertainty: Imagination, Reason, and the Need for Diversity of Response

In this lecture, Richard Bronk explores the nature of the imagination and its link with uncertainty. Imagination allows us to transcend current constraints and create new possibilities. But this freedom to imagine and create new worlds, and react creatively to the innovations of others, ensures that the future is inherently uncertain. If imagination is to be a force for good and help us navigate uncertain futures, it must be schooled by reason and ethics. Otherwise, it can lead to follies or fantasies peddled by the powerful. Imagination is a cause of uncertainty but can also be our best tool for coping with it - allowing us to play with different models or narratives and engage in diverse experiments in living.

This lecture was given at the University of Utrecht in April 2017 at the Imagining Urban Futures conference. For a recording,

How can we explain the upsurge of populism, falling levels of trust in government elites, and growing distrust of experts revealed by the Brexit vote? Abby Innes, Jonathan White, and Richard Bronk, all of the LSE European Institute elaborate on the complex interrelationships between experts, trust and populism. In the first part of the lecture, Richard Bronk assesses the validity of various arguments made to justify the growing distrust of experts. In particular, he examines the damage done to the credibiliy of experts by the pretence that economists can accurately predict uncertain futures; and he discusses social and cultural reasons why there is less political room than before for the deliberation and nuanced judgment required to navigate complex issues.

This joint lecture was recorded live at LSE on 21 February 2017. For podcast,

Uncertainty and the Dangers of Monocultures in  Regulation, Analysis, and Practice

Uncertainty is endemic to innovative economies and complex societies, but we underestimate how damaging this is for many of our guiding assumptions. In particular, the discourse of best practice, global solutions for global problems, and regulatory harmonization is questionable when uncertainty about the future is prevalent: for then, it’s impossible to know what best practice will be, and the danger of highly correlated errors and shared analytical blind spots is considerable. Policymakers should be wary of monocultures in regulation, analysis, and practice, and instead seek to manage policy diversity. 

For podcast of lecture given by Richard Bronk at the Max Planck Institute for the Study of Societies in Cologne in February 2016,

Hayek on the Wisdom of Prices: a Reassessment

In this lecture, Richard Bronk discusses how far Hayek was justified in viewing the price mechanism as a marvel in its capacity to solve the problem of dispersed and incomplete knowledge. He argues that however potent Hayek's theory is as an explanation of the failures of central planning, it falls short by ignoring the role of dominant narratives, analytical moncultures, and market power in distorting the wisdom of prices. 

For podcast of this Forum for European Philosophy and LSE public events lecture in May 2012,

The Romantic Economist addresses the Limits of Knowledge in Markets

The relationship between theory and fact is particularly problematic when interpreting the complex, creative and socially-constructed world of markets. In this lecture Richard Bronk explores how theories frame our vision and how prices and institutions transmit information. He also examines the vital distinction between measurable risk and radical uncertainty.

This lecture was given at Gresham College in London in April 2010. For a transcript,