Complexity theory and the current revolution in economics

21-Feb-2009


Senior writer, Andy Ho, wrote a commentary in his weekly column “Daedalus”, discussing about econophysics, a term which was introduced by Dr Brian Arthur from Sante Fe Institute at the recent NTU conference on complexity theory. The writer elaborated on Dr Arthur observation’s that the Chicago School of standard economic theory teaches that competitive markets equilibrate when supply meets demand. At that point, goods or services are priced differently, so profits are zero.
Printer-friendly | Send to a friend