July 22, 2021· 50 min

What Complexity Economics Can Add to Our View of the World

Brian Arthur

Orality

Model

70%

Oral-dominant (speeches, podcasts, storytelling)

Speaker Breakdown

HostTracy Alloway(113 words)

M:21%

GuestBrian Arthur(4,824 words)

M:27%

Oral Indicators

Agonistic32%

very, obviously, certainly

Engagement71%

you, our, your

Memory Aids100%

listen, so, right

Repetition100%

what (80x), economics (70x), like (52x)

Parallelism91%

And one of the discussions we'..., And what I mean by that is if ..., Or if you look at things like ...

Sound Patterns69%

48 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases6%

i mean, believe it or not

Literate Indicators

Hedging12%

may, might, could

Passive Voice4%

were motivated, be cleared, being caused

Abstract Nouns18%

investment, business, chase.com/business

Subordination7%

because, therefore, however

Sentence Length35%

Avg: 13.8 words/sentence

Word Complexity53%

investment, analyze, anticipate

Academic Markers4%

the literature

Impersonal Style29%

492 personal pronouns found

Descriptive Style100%

apply, actually, supply

Description

Over the past year it's become clear that traditional economics doesn't necessarily do a great job of accounting for real world problems like transport gridlock or irrational decision makers. For instance, sawmills' first response to the Covid crisis was to cut back production because they were scarred by the memories of the 2008 housing bust. Container shipping issues have caused widespread supply chain issues, and so on and so on. Enter complexity economics, which views the economy as the outcome of decisions by sometimes irrational participants who are constantly interacting and learning from each other. In this version of economics, nothing is ever stable or at equilibrium and everything is always changing. Brian Arthur, economist at the Santa Fe Institute and visiting researcher at PARC, explains why complexity economics might be the perfect way of viewing the world right now. See omnystudio.com/listener for privacy information.

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