Sublime

In standard economics, problems are well-defined, solutions are perfectly rational, outcomes are pure, possibly artificial in a way, but above all they are elegant. And by assumption outcomes are in equilibrium. Loosely, the economy is in equilibrium. Standard economics in a word is orderly. To borrow architect Robert Venturi’s phrase, it has “prim

Friedrich Hayek, who has become an iconic figure among today’s conservatives, was a strong proponent of the idea. In his three-volume work Law, Legislation and Liberty, published between 1973 and 1979, Hayek suggested that a guaranteed income would be a legitimate government policy designed to provide insurance against adversity, and that the need

The economy is never in equilibrium but is rather in a continual state of adaptive change.

models. Complexity economics is basically seeing the economy not as a machine, balanced and perfect and humming along, but as an ecology.

their design is typically haphazard and rigid, based on historical lines of potential oppression that may no longer track the relevant social issues or can entrench existing divides by formally recognizing them;