W. Brian Arthur - Complexity and the Economy

[@snippletrap]

If the economy is a vast, concurrent, recursive computer, then we need a model that not only represents economic phenomena, but is also Turing complete. "Equilibrium" corresponds to a halting state -- the result of computation -- and neoclassical economists have studied the properties of systems at equilibrium, without ever explaining how they got there. And no, the Walrasian auctioneer doesn't count! This is the core of Hayek's critique: neoclassical economics takes for granted the very things that need to be explained. What is the input data, what is the problem being solved, and what is the algorithm the economy implements to solve it?

[@mmartin5816]

Oh, if only he would have stood still in front of the microphone

[@yanyannyaany]

brilliant talk minus the self censorship, he was at stanfors after all

[@junga87]

Any way to get a copy of this presentation?

[@KaiWatson]

Yes. You're watching one.

[@duiliohelf]

@@KaiWatson LOL

[@王大睿-g9e]

I can’t get it

[@yanyannyaany]

王大睿 listen to Chen Ping 眉山论剑explain it in Chinese