The Emotional Roots of Economic Paradigms
Prof. Angus Armstrong | 26 February 2026
Economic theories endure because they make the world feel coherent, even when inaccurate — understanding this explains why paradigm change is hard.
Professor Wilson’s essay articulates why he believes today’s dominant economic paradigm needs replacing. He proposes connecting ideas from complexity and evolutionary theory to create a new, improved paradigm. There is much to support this view. Yet there is something important missing from this nakedly positivist approach. Professor Wilson never stops to ask ‘why’ orthodox economics is the way it is. It is not as though many very thoughtful orthodox economists are unaware of the limitations of their paradigm. But only by asking ‘why’ can we understand why we accept such a high opportunity cost and begin to move forward.
Read the full article published for ProSocial World.
About the Author
Angus Armstrong, Ph.D., is a Research Professor at the Institute for Global Prosperity at University College London, Director of Rebuilding Macroeconomics and an Advisor to Lloyds Bank Group.