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

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Uploaded on Mar 5, 2010

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.

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