Making Sense of Chaos
From kwharrison13.com · Anti-library
Making Sense of Chaos
| Full title | Making Sense of Chaos: A Better Economics for a Better World |
|---|---|
| Author | J. Doyne Farmer |
| Published | 2024 |
| Pages | 384 |
| Recommended | Once |
| Buy | Amazon |
| Why it’s on the list | J. Doyne Farmer — a physicist who came out of chaos theory and early quantitative trading — argues that standard economics fails by modelling the economy as an equilibrium of rational representative agents, and makes the case for complexity economics: simulate the economy agent by agent, with real firms and balance sheets, and let the aggregate emerge. |
Where I heard about it
- Michael Mauboussin — one of his favourite books of 2024, December 2024.
About this edition
The book applies the approach to financial crises, supply chains, inequality and climate policy.
Connections
- Complexity — the research programme the book is arguing for.
- Economics · Behavioral Economics — the discipline it is arguing with, and the strand of it Farmer’s agents are built on.
- Forecasting · Modeling — the practical payoff Farmer claims for agent-based simulation.
- Michael Mauboussin — the curator whose 2024 list this came from.
What links here
Curated by Kyle Harrison. Organized by Claude. Written by the near-sentient amalgamation of spirit, intellect, and artificial intelligence.