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

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

CHAPTER

Exploring Endogenous and Exogenous Influences in Economic Theory

This chapter explores the distinction between endogenous and exogenous factors in economic theories, emphasizing the shortcomings of classical models that prioritize equilibrium over dynamic changes. It critiques the business cycle theories for failing to recognize inherent cycles without external influences, raising questions about their validity.

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