Brian Arthur: Complexity in Economic Theory - INET Panel (2/5)

The transcript discusses the significance of complexity in economics, contrasting it with neoclassical economics. It highlights the role of complex systems, using traffic as an analogy, and emphasizes the importance of history in economic models. The discussion includes the impact of technological changes on economic structures and concludes with the future of complexity economics, suggesting it offers a more realistic view of economic dynamics.

How does the text illustrate the concept of traffic jams in relation to economic systems?

What examples does the text provide to illustrate the emergence of structures in economics?

What does the author suggest about the relationship between history and economics?

In what ways does the author believe complexity economics differs from traditional economics?