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Quick takeaways
- The Santa Fe Institute, founded after a small meeting in 1987, paved the way for interdisciplinary collaboration in understanding complex systems.
- Traditional economic assumptions were questioned at the Santa Fe meeting, leading to the development of complexity economics.
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The Birth of the Santa Fe Institute
This podcast episode explores how W. Brian Arthur's journey in economics led him to the Santa Fe Institute. In 1987, Arthur received an invitation to a small meeting in Santa Fe, organized by Ken Arrow and funded by John Reed. The meeting aimed to bring together physicists, scientists, and economists to exchange ideas and explore new approaches to economics. During the meeting, Arthur presented his concept of increasing returns, which received positive feedback from the physicists. The meeting sparked the beginning of the Santa Fe Institute and set the stage for interdisciplinary collaboration in understanding complex systems.
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