27min chapter

COMPLEXITY cover image

W. Brian Arthur (Part 1) on The History of Complexity Economics

COMPLEXITY

CHAPTER

Evolving Strategies in Complex Systems

The chapter explores how strategies in complex systems evolve and adapt through analogies and hypotheses, drawing parallels between economic systems and biological ecosystems. It discusses the limitations of traditional economic theories focusing on equilibrium and emphasizes the necessity of understanding non-equilibrium systems to capture the dynamic nature of evolving strategies.

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