Chaos and Complexity Economics (with J. Doyne Farmer)

J. Doyne Farmer, a physicist and professor at Oxford, champions a revolutionary approach to economics through complexity science. He critiques traditional models for failing to capture human behavior and proposes more dynamic models that can better predict economic phenomena. The conversation touches on the impact of lending policies on the housing bubble and parallels between weather and economic forecasting. Farmer emphasizes the need for interdisciplinary dialogue to bridge gaps in economic thought, pushing for a future where complexity economics is more widely accepted.