Complex Economies, Simple Economics: How New Research Is Challenging Conventional Economic Policy

At this event panelists discuss how recent theoretical and empirical work has called into question the core tenants of the neo-classical doctrine—that markets are stable, are driven by rational actors responding solely to price signals, and require little role for government in driving growth. Indeed, this new work, much of it based in the fields of behavioral economics and complexity theory, have shown that economic systems act less like well-structured systems in equilibrium and more like chaotic, complex systems whose outcomes are unstable and can vary widely based on seemingly minor changes.

Category:

News & Politics

Tags:

• Complex economics
• economic policy
• regulation

[mgshightech]

negative vote: " utahrepublic.us/urtiki/tiki-re­­ad_article(dot)php?articleId=­3 "

government is a feedback loop: " utahrepublic.us/urtiki/tiki-r­­ead_article(dot)php?articleId=­­2 " sorry, the site is parsing the urls I had to distort them.

[mgshightech]

I know its wild to see stuff in the comments here that competes in intelligence with that in this very high quality video. But it just so happens that there are other complexity theorists in the world.

[mgshightech]

just re-emphasising... public awareness of the factors that cause the capture of policy-makers by incumbents is the only solution to keeping the current system competent in the face of rapid emergence. The public must be made aware of the negative vote and the fact that congress is too small. The gain factor of the federal amplifier is too large, causing its high impedance to be too easily influenced illegitimately. 1 house rep. per 30000 people as the constitution suggests. That fixes it.

[mgshightech]

Just in case anyone is paying attention, yes, I have studied complex systems theory for two decades now.

[mgshightech]

Yes, "encumbants have captured policy makers". This is the real problem. What to do about it depends on who you are. If this problem is not solved, the system will straggle, potentially even fail. A negative vote would crack up the two party system. A larger congress would make them more difficult to purchase. Realistically, I think this problem may only be solvable through a certain amount of crash/re-education/rebuild. If you are an educator, then you have a lever.

[mgshightech]

He's right. Government needs to look more like a standards organisation.  He talks so danged fast that I have to overexert myself just to follow him. Problem is, Government doesn't want to give up its power status. The open systems solutions to complexity management are far superior to those of the federal government. Stop telling people what to do, provide standard tools for them to do it with.

[mgshightech]

Gosh.. this guy needs a little help. Fragmentation is a result of too much rigidity of structure. This is a standard materials science concept. Consider for example the difference between vitreous and crystalline metals. Fragmentation is caused by competing information flows coupled with the idea that there must be rigid control. The solution = loose connections rapid info. flow, flexible, crystalline structure, freedom to jump from crystal to crystal.