Scaling Theory
#4 – Doyne Farmer: Chaos Theory & Complexity Economics
May 6, 2024
J. Doyne Farmer, expert in Complexity Economics, discusses chaos theory's role in scaling theory, predicting the distant future, conflicts with Moore's Law, agent-based modeling, dominating with theories, and casino strategies. Explore the interplay of chaos theory, scaling laws, innovation impact on economic growth, and advancements in agent-based modeling for understanding human behavior and economic predictions.
46:07
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Quick takeaways
- Chaos theory can enhance scaling theory by explaining long-term predictions better than short-term ones.
- Utilizing chaos theory's principles can lead to successful real-world applications like predicting roulette outcomes accurately.
Deep dives
The Journey to Complexity Economics
The podcast episode delves into Dohin Farmer's journey to becoming a renowned Complexity economist. Starting from his undergraduate days, inspired by science fiction stories, he developed an interest in chaos theory. This interest led him and his fellow graduate students to explore chaos and subsequently delve into self-organization and cybernetics. Farmer's path involved predicting chaotic time series, studying ice ages and sunspot cycles, and eventually venturing into applying complex systems ideas to economics.
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