Chaos and Complexity Economics (with J. Doyne Farmer)

Physicist J. Doyne Farmer wants a new kind of economics that takes account of what we’ve learned from chaos theory and that builds more accurate models of how humans actually behave. Listen as he makes the case for complexity economics with EconTalk’s Russ Roberts. Farmer argues that complexity economics makes better predictions than standard economic theory and does a better job dealing with the biggest problems in today’s society.