293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity

293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity

A large economy is one of the best examples we have of complex dynamics. There are multiple components arranged in complicated overlapping hierarchies, out-of-equilibrium dynamics, nonlinear coupling and feedback between different levels, and ubiquitous unpredictable and chaotic behavior. Nevertheless, many economic models are based on relatively simple equilibrium principles. Doyne Farmer is among a group who think that economists need to start taking the tools of complexity theory seriously, as he argues in his recent book Making Sense of Chaos: A Better Economics for a Better World.

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Blog post with transcript: https://www.preposterousuniverse.com/podcast/2024/10/21/293-doyne-farmer-on-chaos-crashes-and-economic-complexity/

J. Doyne Farmer received his Ph.D. in physics from the University of California, Santa Cruz. He is currently Director of the Complexity Economics program and Baillie Gifford Professor of Complex Systems Science at the University of Oxford, External Professor at the Santa Fe Institute, and Chief Scientist at Macrocosm. He was the founder of the Complex Systems Group in the Theoretical Division at Los Alamos National Laboratory, and co-founder of The Prediction Company.


Jaksot(415)

291 | Venki Ramakrishnan on the Biology of Death and Aging

291 | Venki Ramakrishnan on the Biology of Death and Aging

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290 | Hahrie Han on Making Multicultural Democracy Work

290 | Hahrie Han on Making Multicultural Democracy Work

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289 | Cari Cesarotti on the Next Generation of Particle Experiments

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As an experimental facility, the Large Hadron Collider at CERN in Geneva has been extraordinarily successful, discovering the Higgs boson and measuring multiple features of particle-physics interactio...

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288 | Max Richter on the Meaning of Classical Music Today

288 | Max Richter on the Meaning of Classical Music Today

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AMA | September 2024

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287 | Jean-Paul Faguet on Institutions and the Legacy of History

287 | Jean-Paul Faguet on Institutions and the Legacy of History

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286 | Blaise Agüera y Arcas on the Emergence of Replication and Computation

286 | Blaise Agüera y Arcas on the Emergence of Replication and Computation

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285 | Nate Silver on Prediction, Risk, and Rationality

285 | Nate Silver on Prediction, Risk, and Rationality

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