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15min chapter
#4 – Doyne Farmer: Chaos Theory & Complexity Economics
Scaling Theory
Advancements in Computing Power and Complexity Economics
This chapter explores the evolution of computing power and its impact on agent-based modeling and complexity economics, emphasizing the ability to gather more data and enhance understanding of human behavior. It contrasts the limitations of traditional optimization calculations with the flexibility and scalability of agent-based modeling, highlighting its applications in legal scholarship and economic modeling. The conversation delves into the self-organizing nature of economies, pricing mechanisms, and the speaker's real-world implementations of complexity economics through agent-based modeling, including predictions of the economic impact of the COVID pandemic.
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