16min chapter

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Chaos and Complexity Economics (with J. Doyne Farmer)

EconTalk

CHAPTER

Rethinking Economic Models: Complexity vs. Tradition

This chapter contrasts traditional economic theories with the emerging complexity economics perspective, emphasizing the limitations of standard models in capturing real-world behaviors. It advocates for richer, more nuanced models that account for human behavior and address critical issues like climate change. Through discussions on agent-based modeling, the chapter highlights how complexity economics can improve predictions and understanding of complex economic phenomena.

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