Why Economics Failed [George Soros]

The transcript critiques economic theory for its failure to account for the social nature of economics, contrasting it with natural sciences. It argues that economics has unsuccessfully tried to emulate physics by seeking universal laws, ignoring the role of human cognition and decision-making. The concept of reflexivity is introduced, highlighting the feedback loop between participants' views and reality, which challenges the predictability of economic models.

What new insight or understanding did you gain from this video?