EP 305 J. Doyne Farmer on Complexity Economics

Jim talks with J. Doyne Farmer about his book Making Sense of Chaos: A Better Economics for a Better World. They discuss deterministic chaos & strange attractors, how chaos makes time possible, bounded rationality, economic equilibrium & Nash equilibrium, traditional economics' failures, standard economic theory basics, "as if" vs "as is" approaches, heterogeneity in economic systems, agent-based modeling & its critiques, the "metabolism of civilization" analogy, financial markets as an ecology of strategies, the Prediction Company experience, climate economics, weather forecasting as an analogy for economic forecasting, energy investment modeling, technology cost curves & climate change solutions, the vision of a "conscious civilization," and much more.