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Santa Fe Institute

W. Brian Arthur on The History of Complexity Economics

Santa Fe Institute via YouTube

Overview

Explore the origins and evolution of complexity economics in this insightful lecture by W. Brian Arthur, External Professor at the Santa Fe Institute. Delve into the limitations of traditional economic assumptions and discover how insights from ecology and evolutionary biology have shaped a new paradigm for understanding economic systems. Learn about the emergence of complexity economics at the Santa Fe Institute in the late 1980s and its approach to treating markets and technologies as dynamic, out-of-balance systems. Examine how this novel perspective addresses economic puzzles that standard economics couldn't solve, such as economic growth, sudden market crashes, and technological evolution. Gain valuable insights into the interconnections between economics and biology, and understand how complexity economics provides a fresh lens for comprehending the intricate exchanges underlying human life. Follow the journey from traditional economic thinking to a more nuanced, realistic approach that considers imperfect information, fundamental uncertainty, and the metabolic forces driving economic systems.

Syllabus

Introduction
Welcome
Announcements
The Saturday Institute
The Old Convent
Assumptions
Many realistic economic problem
Fundamental uncertainty
Nonequilibrium
Bounded rationality
Nonequilibrium was the norm
It was there
A real breakthrough
Our standard world
Model human beings
Prisoners Dilemma
The Trapdoor
Lindgrens Algorithm
The Balance
Deep Strategies
Paleontology
The Bottom Line
Economics Became Biological
Economics Became Modern Ecology
The World is Being Highly Ordered
Economic Development is Not an Equilibrium System
Linear Systems
Nonequilibrium economics
Complexity economics
Technology
Darwin
Radar
Steam Engines
Theory of Evolution
Nature of Technology
Economy
The Strategy
Openended

Taught by

Santa Fe Institute

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