Reimagining Economic Models for Technological Transitions

7min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

This chapter delves into the limitations of traditional economic approaches and introduces a new model that emphasizes local interactions and likely paths over optimization. The discussion also covers the critical importance of companies adapting to rapid energy transitions and the exponential growth and cost reductions of technologies like solar energy and wind.

J. Doyne Farmer is 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.

In this episode, Doyne discusses his journey from chaos theory to complexity economics. He shares his experience developing agent-based models for the economy and talks about the importance of multidisciplinary work and applying complexity science principles to economics and climate change.

Resources: