Scholl, Calinescu, Farmer (2021) illustrated how ecological tools can be used to analyse financial markets. Studying markets as complex ecosystems rather than perfectly efficient machines can help regulators guard against damaging market volatility. And they show that changes to the wealth invested via different strategies within a market ecology can help predict market malfunctions like…
Category: Ecosystem
Complexity Economics
Arthur WB (2021) wrote a paper comparing conventional vs complexity economics. Conventional neoclassical economics assumes: But over the past 120 years, economists such as Thorstein Veblen, Joseph Schumpeter, Friedrich Hayek, Joan Robinson, etc have objected to the equilibrium framework, each for their own reasons. All have thought a different economics was needed. It was with…