Economics as Energy Framework: Complexity, Turbulence, Financial Crises, and Protectionism
While economists were pursuing their vision of the economy as an equilibrium system, during the latter half of the twentieth century, physicists, chemists, and biologists became increasingly interested in systems that were far from equilibrium, that were dynamic and complex, and that never settled into a state of rest. Beginning in the 1970s, scien
... See moreEric Beinhocker • The Origin of Wealth
Economics as a discipline is often criticized because, unlike the “hard sciences” of physics or chemistry, it cannot be pinned down to an unchanging set of descriptions over time. But this is not a failing, it is proper and natural. The economy is not a simple system; it is an evolving, complex one, and the structures it forms change constantly ove
... See moreW. Brian Arthur • The Nature of Technology
