Sublime

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.

These are all highly contestable statements.

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.

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.

that people—or, if you like, automata, algorithms—can and do act in situations that are not well defined.