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Eric Beinhocker & Diane Coyle on Rethinking Economics for A Sustainable & Prosperous World (EPE 02)

COMPLEXITY

NOTE

High Network Complexity and Interdependence Can Contrbute to Low System Resilience

As networks grow in scale and complexity, interdependencies can lead to complexity catastrophes, gridlock, maladaptation, cascades, and fragilities. These effects can cause non-linear impacts, unravel the network, and hinder the system's ability to move, change, or adapt. The economy has evolved through human cooperation, leading to the development of interconnected networks such as businesses, cities, societies, supply chains, and knowledge communities over time. The increase in the scale of cooperation has been driven by economies of scale and economies of knowledge, as complex knowledge requires diversity and scale.

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