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This paper addresses the hottest potato of economics today, namely why the profession seems to have been lulled into a sense of false security in spite of flourishing economic models as well as subfield-knowledge in various disciplines? The embarrassing question of the Queen of England ‘why did nobody see the crisis of 2008 coming’ emblematically signalled the failure of the collective imagination of the entire profession to understand the system and its emerging patterns. The present paper can be seen therefore as a clarion call for grounding a shift towards an economics barded with the lessons learnt in complexity science in shaping modern governance.

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. Acta Oeconomica , 69 ( 1 ): 81 – 99 . Forgon , M. ( 2000 ): Ágazati kapcsolatok a gazdasági modellezésben (Input-output tables in economic modelling – in Hungarian

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). MMT, by contrast with the neoclassical model (and every other economic model) does not require taxation to support government. Instead, taxes may be levied to control inflation by diminishing aggregate demand. Taxes within MMT also act to enforce the

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Banking Performance: A Panel Quantile Regression Analysis . Economic Modelling , 67 ( December ): 300 – 306 . 10.1016/j.econmod.2017.01.018 Leonard , M. – Sloan , J. – Lee , T. – Elsheimer , B. ( 2008 ): An Introduction to Similarity

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. Economic Modelling , 59 ( December ): 520 – 528 . 10.1016/j.econmod.2016.07.020 Zhang , Z. ( 1999 ): Rural Industrialization in China. From Backyard Furnace to Township and Village Enterprises . East Asia , 17 ( 3 ): 61 – 87 . 10.1007/s12140

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visible. 9 From his 19 books, 15 were translated into Chinese. Thus, many indications suggested that China was able to make a rapid and peaceful transition from a socialist economic model to a market economy model, partly on

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from China's Growth Enterprise Market Firms . Economic Modelling , 83 ( C ): 287 – 298 . https://doi.org/10.1016/j.econmod.2019.07.005 . 10.1016/j.econmod.2019.07.005 Lin , J. Y. ( 2019 ): China's Growth Deceleration: Causes and Future Growth

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shares in the old and new EU member states - Sectoral effects and the role of relative prices . Economic. Modelling 90 : 254 – 274 . 10.1016/j.econmod.2020.05.010 Kravis , I. B. – Lipsey , R. ( 1983 ): Toward an Explanation of National Price

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strategies ( Schelling 1980 , 1984 ). Although present bias demonstrates that the discounted utility model used by neoclassical economists is unrealistic, it is not sufficient to dismiss RPT because hyperbolic discounting can be incorporated into economic

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Society and Economy
Authors: Nikoletta Kaszás, Krisztina Keller, and Zoltán Birkner

of shaping the circular approach of communities. Our goal is to support the supply side in transitioning from the linear to the more circular economic model. The literature on circular economy has primarily approached the issue from the

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