Sublime

We have an alternative solution, ergodicity economics, which has replaced the expectation value of the operator on this random object with a time average, or time average growth.

€100,000 less than he was offered thirty seconds before. The irony is that this offer is utterly fair; Frank would be wise to cut his losses and accept the Banker's proposal. But Frank immediately rejects the deal; he doesn't even pause to consider it. After another unlucky round, the Banker takes pity on Frank and makes him an offer that's about 1

Complexity economics views the economy as a system not necessarily in equilibrium, but rather as one where agents constantly change their actions and strategies in response to the outcomes they mutually create.

Adaptation through rapid trial and error is invaluable.

Markets are driven by the actions of countless individuals, each reacting to his or her whims, the weather, and the news of the day. Remarkably, just as with army ants, out of all our individual actions emerges a higher order, a set of prices that allows us to buy and sell whatever we may desire.

foundations were laid in Victorian times. Now it is changing radically. Standard economics is suddenly being challenged by a number of new approaches: behavioral economics, neuroeconomics, new institutional economics. One of the new approaches came to life at the Santa Fe Institute: complexity economics.

cooperation at scale. The state, business, and civil society all have roles to play in creating the