Optimistic that Within 25 Years Big Changes in How Economics is Done - J Doyne Farmer

The video discusses the evolution of economic theories, emphasizing a shift towards acknowledging real-world complexities while maintaining mathematical simplicity. It highlights the growing interest in understanding happiness within economics, moving beyond traditional models. The integration of behavioralism, complex systems, and simulations is broadening economic tools. The video stresses the need for comprehensive datasets to develop robust economic theories that can accurately predict growth and development.

In what ways does the text suggest that traditional economic models may fall short?

What role does simulation play in the future of economics according to the text?