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“the three bounds”: bounded rationality, bounded willpower, and bounded self-interest.
Richard H. Thaler • Misbehaving: The Making of Behavioral Economics
The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality
amazon.com
that, contrary to standard belief, the market shares of many technology companies could be predicted with great accuracy, even if the underlying changes in technology changed frequently.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
Adam Smith famously visited a pin factory to see how manufacturing worked.
Richard H. Thaler • Misbehaving: The Making of Behavioral Economics
They allocate scarce resources efficiently over the short term.
Paul Hawken • Natural Capitalism
Each company is trying to figure out how to strategize, how much to invest, what the technology should be. In a case like that, it’s not at equilibrium.