Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
Dialogues of the Applied Complexity Network I
When Santa Fe Institute scientists first started working on economics more than thirty years ago, many of their insights, approaches, and tools were considered beyond heterodox. These once-disparaged approaches included network economics, agents of limited rationality, and institutional evolution—all topics that are now increasingly considered mainstream. SFI continues to expand the boundary of our economic understanding by pioneering fields as diverse as collective intelligence and organizational scaling.
This volume, edited by W. Brian Arthur, Eric D. Beinhocker, and Allison Stanger, includes panel and talk transcripts from SFI’s 2019 Applied Complexity Network Symposium, with newly written introductions and reflections. Representing both scholarly and practitioner perspectives, this book explores the history and frontiers of complexity economics in a broad-ranging, accessible manner.
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About ACtioN
The Santa Fe Institute’s Applied Complexity Network (ACtioN) is a community of firms, governments, and nonprofits working at the frontier of complexity science. ACtioN helps members effectively employ complex systems insights to better achieve their organization’s goals.
Editors
W. Brian Arthur
Eric D. Beinhocker
Allison Stanger
Table of Contents
Foreword: Interaction & Innovation
William Tracy & Casey Cox
Complexity Economics: An Introduction
W. Brian Arthur, Eric D. Beinhocker & Allison Stanger
Day 1: Talks
Chapter 1: Complex Economies: From the Keynesian Orbit to the Darwinian Worm
David C. Krakauer
Chapter 2: Can Complexity Economics Save the World?
Introduction & Talk by Eric D. Beinhocker
Chapter 3: Consumers vs. Citizens: Social Inequality & Democracy in a Big-Data World
Introduction by William Tracy; Talk by Allison Stanger
Chapter 4: Ergodicity Economics
Talk by Ole Peters
Chapter 5: Formal Markets and Informal Networks
Introduction & Talk by Matthew O. Jackson
Chapter 6: Communication & Coordination in Experiments
Introduction & Talk by C. Mónica Capra
Chapter 7: Complexity Economics: Why Does Economics Need This Different Approach?
Introduction & Talk by W. Brian Arthur
Day 2: Panels
Chapter 8: Computation & Complex Economies
Moderated by David C. Krakauer, featuring Robert Axtell, Joshua Epstein, Jessica Flack, Blake LeBaron, John Miller & Melanie Mitchell
Agent-Based Models for Economics
Rob Axtell
The Right Idealization
Joshua Epstein
The Future Of Computational Economics
Blake LeBaron
Chapter 9: Physics & Economic Systems
Moderated by David C. Krakauer, featuring Ole Peters, Maria del Rio-Chanona, Cosma Shalizi & David Wolpert
Complexity Economics for a Pandemic
R. Maria del Rio-Chanona
The (NOT) Shortcomings of Modern Game Theory
David Wolpert
Remembering Three SFI Thinkers
Ole Peters
Chapter 10: The Economic Organism
Moderated by William Tracy, featuring C. Mónica Capra, Scott Page, Rajiv Sethi & Geoffrey West
Entropy & the Economy
C. Mónica Capra
Seeking a Robust Model of Disequilibrium
Rajiv Sethi
The Equilibrist & Complexologist Can Be Friends
Scott E. Page
Chapter 11: Economic Architectures
Moderated by William Tracy, featuring W. Brian Arthur, Eric D. Beinhocker, Matthew O. Jackson & Allison Stanger
Bringing Economics back into Society
Eric D. Beinhocker
Dense Financial Networks: Risk & Reward
Matthew O. Jackson
Broadening Economics’ Scope
W. Brian Arthur
Chapter 12: From Theory to Application
Moderated by Paul J. Davies, featuring Katherine Collins, Michael Mauboussin, Bill Miller & Dario Villani
Insights from Financial Professionals
Paul J. Davies
Mechanisms of Market Efficiency
Michael Mauboussin
Understanding a Delicate Machine
Bill Miller
No Such Thing as an Externality
Katherine Collins
Complexity: Poetry for the Millennium
Dario Villani
Afterword: The Future of Complexity Economics: Better Solutions to the World’s Problems
J. Doyne Farmer
Appendix
SFI’s Applied Complexity Network: A Brief History
SFI’s Annual Business Network/Applied Complexity Network Symposia 1994–2019
SFI Business Network/Applied Complexity Network Members, Past & Present
Business as UNusual
New Complexity Economics 2019 Symposium Agenda
Economic Curiosities