Complexity and the economy

W.

Brian Arthur's "Complexity and the Economy" delves into the intricate relationship between economic systems and complexity theory.

The book explores how seemingly simple interactions between economic agents can lead to emergent, unpredictable patterns.

Arthur uses computational models and real-world examples to illustrate his points, challenging traditional economic assumptions.

He emphasizes the importance of feedback loops, increasing returns, and path dependence in shaping economic outcomes.

The book offers a fresh perspective on economic dynamics, highlighting the limitations of equilibrium models and the need for a more nuanced understanding of complex adaptive systems.