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I think of money, of capital, like oxygen. Imagine if we all had to live our lives and pay for every breath. We might live our lives differently. Like we might not work out as much; maybe we couldn’t afford to run or sprint. But because oxygen is free, we don’t even calculate it. In a hot market, everybody thinks that capital is sort of free, but

Greer defines capital as including “physical capital such as food, fields, tools, and buildings; human capital such as laborers and scientists; social capital such as social hierarchies and economic systems; and information capital such as technical knowledge.

publicly visible.

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

The economy is not a closed static equilibrium system; it is a system perpetually open to novel behavior, and complexity economics forces us to keep this in mind.