#1029 J. Doyne Farmer - Making Sense of Chaos: A Better Economics for a Better World
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Hello, everyone. Welcome to a new episode of The Center. I'm your host, Ricard Lopes, and today I'm joined by Dr. Doyn Farmer. He is director of the Complexity Economics Program at the Institute for New Economic Thinking at the Oxford Martin Martin School. Bailey Gifford Professor in the Mathematical Institute at the University of Oxford, and an external professor at the Santa Fe Institute. And today we're talking about his recent book, Making Sense of Chaos, A Better Economics for a Better World. So, Dr. Farmer, welcome to the show. It's an honor to everyone. Thanks. It's an honor to be here. So I mean uh I was going to ask you about complexity science, but since I already have a few interviews on the show where I address that topic with people like Dr. Randall Beer, Luis Favela, and others, I think that People can go and watch those interviews to have a proper introduction to the topic. So let me start right away by asking you
In what ways is economics or the economy itself a complex system? Well, complex systems are systems with emergent properties. Yeah. fundamental building blocks, whatever they are. the properties of their properties.
are or the properties of their that of what emerges from their interactions. are fundamentally different than the properties of the individual building blocks. Qualitatively different. And in the economy We as people, if you imagine you were Robinson Crusoe.
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