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161 | W. Brian Arthur on Complexity Economics

Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

CHAPTER

Complexity in Economics: Evolution and Unpredictability

This chapter explores the evolution of technology and its fractal impact on economic and social structures, challenging the idea of equilibrium. It highlights the unpredictable nature of economic fluctuations and the consequences of small disturbances, using analogies like traffic jams to illustrate complexity. Additionally, the discussion focuses on inequality and strategy evolution within competitive environments, drawing parallels to biological ecosystems.

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