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)

333 | Gordon Pennycook on Unthinkingness, Conspiracies, and What to Do About Them

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332 | Dmitri Tymoczko on the Mathematics Behind Music

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AMA | October 2025

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331 | Solo: Fine-Tuning, God, and the Multiverse

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330 | Petter Törnberg on the Dynamics of (Mis)Information

330 | Petter Törnberg on the Dynamics of (Mis)Information

A characteristic of complex systems is that individual components combine to exhibit large-scale emergent behavior even when the components were not specifically designed for any particular purpose wi...

29 Syys 20251h 12min

329 | Steven Pinker on Rationality and Common Knowledge

329 | Steven Pinker on Rationality and Common Knowledge

Getting along in society requires that we mostly adhere to certainly shared norms and customs. Often it's not enough that we all know what the rules are, but also that everyone else knows the rules, a...

22 Syys 20251h 16min

328 | Mary Roach on Replacing Parts of Our Bodies

328 | Mary Roach on Replacing Parts of Our Bodies

Like any machine, bodies occasionally break down, and it's natural to go in search of a replacement part. Ancient societies featured simple prosthetics for teeth, noses, and limbs, while modern medici...

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AMA | September 2025

AMA | September 2025

Welcome to the September 2025 Ask Me Anything episode of Mindscape! These monthly excursions are funded by Patreon supporters (who are also the ones asking the questions). We take questions asked by P...

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