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Matt Ridley: How Innovation Works, Part 2

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NOTE

Challenges in modelling complex systems

Modelling complex systems like a pandemic can be challenging due to the inherent complexity and the multitude of actors involved. Such models often rely on shaky assumptions and may reflect the political biases of the economists creating them. The top-down approach to understanding bottom-up phenomena like pandemics poses difficulties. This is evidenced by the example of people choosing what to eat for lunch in London, illustrating the unpredictable nature of individual behaviors within a complex system.

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