Complexity economics: What is it and what problems can it solve?
Professor J. Doyne Farmer (University of Oxford, United Kingdom)
I will give a review of complexity economics. Where did it come from, what is it now, and where is it going? Why is complexity economics needed, and what can it do? Since the “Economy as an evolving complex system” conference at the Santa Fe Institute in 1987 the field has made some good steps forward, but it still remains on the fringes of economics. What are some of the successes that deserve attention? What are the key problems that could be solved by complexity economics, that are not easily solved by traditional methods? What approach should we use to solve them? How can we bring about a phase change in economics, so that in ten or twenty years complexity economics enters the mainstream?
Professor J. Doyne Farmer (University of Oxford, United Kingdom)
I will give a review of complexity economics. Where did it come from, what is it now, and where is it going? Why is complexity economics needed, and what can it do? Since the “Economy as an evolving complex system” conference at the Santa Fe Institute in 1987 the field has made some good steps forward, but it still remains on the fringes of economics. What are some of the successes that deserve attention? What are the key problems that could be solved by complexity economics, that are not easily solved by traditional methods? What approach should we use to solve them? How can we bring about a phase change in economics, so that in ten or twenty years complexity economics enters the mainstream?
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