Understanding Chaos in Complexity Theory

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Dr. J. Doyne Farmer is the Director of the Complexity Economics programme at the Institute for New Economic Thinking at the Oxford Martin School, Baillie Gifford Professor in the Mathematical Institute at the University of Oxford and an External Professor at the Santa Fe Institute. His current research is in economics, including agent-based modeling, financial instability and technological progress. His past research includes complex systems, dynamical systems theory, time series analysis and theoretical biology. He was an Oppenheimer Fellow and the founder of the Complex Systems Group at Los Alamos National Laboratory. He is the author of Making Sense of Chaos: A Better Economics for a Better World.

In this episode, we focus on Making Sense of Chaos. We talk about the economy as a complex system, business cycles, simulating the economy, and the housing bubble crises of the 2000s. We discuss the differences between standard economics and complexity economics. We talk about how we can understand inequality, market inefficiencies and crashes, and whether we can prevent financial crises. Finally, we discuss climate economics, how we can solve climate change, and whether we can tackle inequality.

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