15min 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

Rethinking Complexity in Economics

This chapter explores complexity economics, focusing on non-equilibrium states and the shortcomings of classical models in predicting economic events like the 2008 financial crisis. The discussion highlights the need for dynamic approaches to understanding economic fluctuations, chaos theory, and the impacts of external shocks such as the COVID-19 pandemic. By illustrating concepts through analogies and emphasizing the unpredictability of economic systems, the speakers advocate for a paradigm shift in economic modeling.

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