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682. Exploring Complexity: From Physics to Economics with J. Doyne Farmer
J. Doyne Farmer is a Professor of Complex Systems Science at Oxford University, Hedge-Fund Founder, and author of the new book, Making Sense of Chaos: A Better Economics for a Better World. Greg and Doyne discuss why complexity science has not displaced mainstream economics. Doyne argues that economics is intellectually conservative and overly committed to closed-form math, with behavioral challenges and the 2008 crisis highlighting endogenous dynamics. He also recounts working to beat roulette using physics, his work on chaos (sensitive dependence, strange attractors), and using simulation…
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