
293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity
Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas
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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