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#4 – Doyne Farmer: Chaos Theory & Complexity Economics

Scaling Theory

CHAPTER

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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