Tag Archives: economics

Complexity economics is … a different way of thinking about the economy. It sees the economy not as a system in equilibrium but as one in motion, perpetually “computing” itself—perpetually constructing itself anew. Where equilibrium economics emphasizes order, determinacy, deduction, and stasis, this new framework emphasizes contingency, indeterminacy, sense-making, and openness to change. There is another way to say this. Until now, economics has been a noun-based rather than verb-based science. It has pictured changes over time in the economy function as changes in levels of fixed noun-entities—employment, production, consumption, prices. Now it is shifting toward seeing these changes as a series of verb-actions—forecast, respond, innovate, replace—that cause further actions.

– W. Brian Arthur