The Economy and Complexity Science: Part 1
Simplifying Complexity
Are You Using Negative Feedback in Increasing Returns?
Economists have been thinking about increasing returns for at least maybe 80 years or 90 years before I started to think seriously about them. But if you take an increasing return situation, you could say, oh, well, we might all end up driving on the left, or we might end up Driving On The Right. What I did when I came along was to say we're looking at things too statically. We can look at these small random events and we could say this is a random process and we could use the theory of random processes to say what happens. So just to finish this, thought what I did was redefine the problem from a static one to a random one that works a random
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