Sublime

Perhaps the greatest “phase transition” in our thinking that such an approach could engender is the maturation in our willingness to live with relatively high levels of uncertainty in the domains of complex phenomena—and thus give up on ideas like complete “cures,” the elimination of “risk,” the design of perfect “stability,” and achieving total “s

Most economists now accept the need for more realistic assumptions in economic theory; and methodologies such as network analysis, heterogeneous agent models, evolutionary game theory, and economic lab experiments are becoming standard.

These are all highly contestable statements.

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.

Two great problems in Economics Allocation in the Economy Quantities: General equilibrium, international trade, game-theory outcomes . . . Formation in the Economy Processes: Of econ development, discovering novel technologies, structural change, arrival of new institutions, temporary phenomena like bubbles, crashes . . . The former is mathematizab

When we do, we assume the politicians are clients in a patron–client relationship, and we assume their obligations will cloud their impartial judgment.