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

It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.

As a new point of view we turn to bounded rationality, a departure from the mainstream tradition. We no longer can assume that every agent is a perfect calculator. This point of view is given a great deal of emphasis by Herbert Simon. Simon argued that people do not maximize. When they’re forecasting the future, they do not perform the task of rati

Surface areas of possible out-of-syncness.

Third, we are fearful creatures and go to great lengths to preserve a sense of certainty, even when we know it to be false.