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Chaos and Complexity Economics (with J. Doyne Farmer)

EconTalk

NOTE

Embrace the Dynamic Nature of Change

The complexity of market interactions often leads to unpredictable outcomes that require better understanding of transitional processes. Traditional economic models struggle with the initial stages of change, focusing instead on eventual market equilibrium. By employing agent-based models, we can unveil the frictions and dynamics of price adjustments, offering a deeper insight into how markets navigate from one state to another. This approach emphasizes the necessity of recognizing the nuances of market behavior over time rather than assuming a smooth progression to equilibrium.

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