Sublime

comely,

relationship of earnings and stock prices—the correlation’s very low.

The economy is not a closed static equilibrium system; it is a system perpetually open to novel behavior, and complexity economics forces us to keep this in mind.

I have come to see Blumer as the iconic representation of the ideas in this book. He has been able to take precisely the forces that were upending his field and turn them to his advantage. In a more prosaic way, he was able to transform how price is determined. This is one of the most important elements of our new economy. We no longer have to

But occasionally some would find forecasts that would change their behavior enough to perturb the overall price pattern, causing other investors to change their forecasts to re-adapt. Cascades of mutual adjustment would then ripple through the system. The result was periods of tranquility followed randomly by periods of spontaneously generated