Complex systems don’t have to be complicated to provided deep insights into the real world. That’s the view of Doyne Farmer, special guest on this week’s podcast. It’s an approach he shares to economics with Steve Keen. Steve develops systems from the top-down, whereas Doyne’s work focuses on agent-driven bottom-up modelling. But they arrive at similar conclusions. Phil Dobbie talks to them both about how we could arrive at a more accurate understanding of the economy and financial systems, which could result in better regulatory and planning behaviour by central banks and governments. Doyne also describes how he started down the road of complex modelling, using science to beat the casino tables in Vegas. Or more, get a copy of Doyne’s new book: Making Sense of Chaos– A Better Economics for a Better World.
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Debunking Economics - the podcast