11min chapter

The Life Scientific cover image

Doyne Farmer on making sense of chaos for a better world

The Life Scientific

CHAPTER

Navigating Complexity in Economics

This chapter explores the intersection of complex systems science and economics, illustrating how simple interactions can lead to emergent behaviors in markets. It discusses the author's journey from physics to developing predictive models that challenge traditional economic theories, especially in light of crises like the 2008 financial downturn. The chapter further investigates the role of predictive models in addressing issues like labor shortages and transitioning to renewable energy, showcasing the potential for innovative economic approaches in a rapidly changing world.

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