Graham Room</a> is Professor of European Social Policy, University of Bath, and author of Complexity, Institutions and Public Policy (Edward Elgar 2011)</a>
Social scientists and policy-makes have long built their models around a theory of 'rational action' which bears little relation to how people respond to the complexities of the world around them.
The ascendancy of the financial markets which developed in the 1980s must be put into reverse. The genie must be put back in the bottle. A Keynesian ‘euthanasia of the rentier’ is now essential for both growth and democracy.