13min chapter

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

293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity

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

CHAPTER

Reimagining Economic Models

This chapter explores the evolution of economic modeling, contrasting traditional equilibrium approaches with agent-based models that account for individual behaviors and interactions. The speakers illustrate how these dynamic models can lead to better predictions of market behaviors, especially in sectors like housing, by acknowledging the complexities of agent decisions. By drawing parallels between economic systems and biological ecosystems, they emphasize the importance of specialization and adaptability in understanding economic dynamics.

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