12min chapter

Faster, Please! — The Podcast cover image

🌐 My chat (+transcript) with chaos theorist Doyne Farmer on our interconnected economy

Faster, Please! — The Podcast

CHAPTER

Evolution of Economic Modeling

This chapter examines the significant advancements in economic modeling driven by improvements in computing power and data analysis. It emphasizes the shift from traditional equilibrium-based theories to dynamic systems that account for emergent behavior, drawing connections between economic processes and biological systems. The discussion includes the application of these new models during the COVID-19 pandemic, showcasing their effectiveness in forecasting economic impacts.

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