The Economy and Complexity Science: Part 1
Simplifying Complexity
What if There Were Increasing Returns?
Economics believed that we could break down with equations and understand it because it was in equilibrium essentially. So I remember putting my hand up and saying, what if there were increasing returns on the margin? The more you did of something, the better you got at it. In 1979, I was working in Austria by then, and I started to read an awful lot of nonlinear physics,. And I noticed they had the same problem as economic theory under the heading of increasing returns.
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