J Doyce Farmer on Complexity Economics (Complexity)

Podcasts · Business · Source

A lot of mechanisms that seem random actually are not, if you know how they work behind the scenes. For example, roulette is much less random if you know the mass and the velocity of the ball as it comes out of the gate

Most decisions we make are bounded rationality decisions. We rarely have all the data, and we rarely have the perfect models for making sense of the data we do have

The use of leverage can lead to more chaos in economic systems, making them harder to model