Sublime

Instead of assuming agents were perfectly rational, we allowed there were limits to how smart they were. Instead of assuming the economy displayed diminishing returns (negative feedbacks), we allowed that it might also contain increasing returns (positive feedbacks). Instead of assuming the economy was a mechanistic system operating at equilibrium,

The answer derives from the fact that what is good for groups is not always good for the individuals comprising them. For example, both multicellular organisms and social insect colonies are functionally specialized and hierarchically organized collectives that are highly successful in maintaining and transmitting accumulated knowledge, in the form

Value is subjective, which means uncertainty governs all economic phenomena.

le Donut économie intégrée des humains sociaux et adaptables complexité dynamique distributif par dessein régénératif par dessein agnostique en matière de croissance

The take-home message from Schelling’s story—that incentives sometimes backfire—is familiar to psychologists.

They appear to want some of the same things most of us want: recognition from their peers and communities and better lives for the people they care about. Being

There is no Newtonian law of markets; they are all ephemeral relationships in a sea of noise and the only way you can do that and capture non-linearity and complexity is with a system that is rich enough to be able to contain all the models, so a universal approximator—that’s what neural nets are—and allows you to do that.