direct link to webinar at source:CCSS Societal Discussion #12: Foundations of Complexity Economics
|Thursday 22nd April 2021 from 15.00 – 16.30CCSS Societal Discussion #12: Foundations of Complexity EconomicsOn Thursday afternoon (15.00-16.30) we will be hosting our 12th Societal Discussion with Prof. W. Brian Arthur (External Professor, Santa Fe Institute).Link to Webinar (Thursday 22nd April at 15:00) >> >>|
Keynote speaker: Prof. W. Brian Arthur
W. Brian Arthur is well known for his early work on positive feedbacks (or increasing returns) in the economy, in particular their roles in magnifying small random events in the economy. He has been associated with the Santa Fe Institute since 1987, where he led the team that brought complexity economics into existence. He has served many years on SFI’s board of trustees and science board. Arthur has been Morrison Professor of Economics at Stanford (1983-1996), and Citibank Professor at SFI. He is the recipient of the inaugural Lagrange Prize in Complexity Science in 2008, the Schumpeter Prize in Economics in 1990, and two honorary doctorates. His books include Increasing Returns and Path Dependence in the Economy (1994); The Nature of Technology (2009); Complexity and the Economy (2016); and Complexity Economics, ed. with A. Stanger and E. Beinhocker, (2021).Presentation Overview Foundations of Complexity Economics
Abstract: The talk will follow Arthur’s recent paper, Foundations of Complexity Economics, Nature Reviews Physics, 2021. Conventional, neoclassical economics assumes perfectly rational agents (firms, consumers, investors) who face well-defined problems and arrive at optimal behavior consistent with — in equilibrium with — the overall outcome caused by this behavior. This rational, equilibrium system produces an elegant economics, but is restrictive and often unrealistic. Complexity economics relaxes these assumptions. It assumes that agents differ, that they have imperfect information about other agents and must, therefore, try to make sense of the situation they face. Agents explore, react and constantly change their actions and strategies in response to the outcome they mutually create. The economy becomes something not given and existing but constantly forming from a developing set of actions, strategies and beliefs — something not mechanistic, static, timeless and perfect but organic, always creating itself, alive and full of messy vitality.There will be a 50-minute presentation, followed by a 40-min Q&A.