If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It… — W. Brian Arthur Copy Share Image
We're facing a danger that economics is rigorous deduction based upon faulty assumptions. Science after science gets that way from time to time. When… — W. Brian Arthur Copy Share Image
The invisible hand is not perfect. Indeed, the invisible hand is a little bit arthritic ... I'm a believer in free markets, but I… — W. Brian Arthur Copy Share Image
If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has… — W. Brian Arthur Copy Share Image
Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people… — W. Brian Arthur Copy Share Image
Complexity is looking at interacting elements and asking how they form patterns and how the patterns unfold. It's important to point out that the… — W. Brian Arthur Copy Share Image
