Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium

“In equilibrium systems, everything adds up nicely and linearly. It is trivial to generalize to many agents; this simply corresponds to connecting more glasses of water. The effect on the water level from adding several drops of water is proportional to the number of drops. One does not have to think about the individual drops. In physics, we refer

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Instead of assuming agents were perfectly rational, we allowed there were limits to how smart they were. Instead of assuming the economy displayed diminishing returns (negative feedbacks), we allowed that it might also contain increasing returns (positive feedbacks). Instead of assuming the economy was a mechanistic system operating at equilibrium,

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