If economics wants to understand the new economy, it not only has to understand increasing returns and the dynamics of instability. It also has to look at cognition itself, something we have never done before in economics. — 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 are not somehow behaving themselves properly. — 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
