Dr. W. Brian Arthur – Complexity and the Economy

Dr. W. Brian Arthur gave the 2015 Fall Complexity Seminar. His talk was titled Complexity and the Economy. Dr. Arthur spoke about the early days of this effort at SFI and explain how this new economics works and why it is needed. Complexity gives a view of the economy not as a perfectly balanced, smoothly functioning machine, but as a system that is organic, evolutionary, ever-changing, and historically-contingent.

Watch the video of his talk here:

27 Responses to “Dr. W. Brian Arthur – Complexity and the Economy”

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  2. Luna Says:

    When viewed in out-of-equilibrium formation, economic patterns sometimes simplify into the simple static equilibria of standard economics. More often they are ever changing, showing perpetually novel behavior and emergent phenomena. Complexity portrays the economy not as deterministic, predictable, and mechanistic, but as process dependent, organic, and always evolving.

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