Sublime

By altering the ingredients of the idea menu they are exposed to, we might, in turn, minimize the dangerous inputs to the processes of belief and network updating.

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.

so deeply uncomfortable saying, “I don’t know” or “it depends,” especially in finance.

shopping less for the sheer brain power of critical individuals and more for an organization that can bring past experience to bear in solving these problems.

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

“we have entered a different phase for the economy, a new era where production matters less and what matters more is access to that production: distribution, in other words—who gets what and how they get it”[282]. In this context, there

Prices arise from the countless acts of many individuals attempting to trade in various goods. They are an emergent phenomenon.

Where does complexity economics find itself now? Certainly, many commentators see it as steadily moving toward the center of economics. And there’s a recognition that it is more than a new set of methods or theories: it is a different way to see the economy. It views the economy not as machinelike, perfectly rational, and essentially static, but as