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Jul 13

What Economics and the Weather have in common

I'm reading Mark Buchanan's Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics.  In the opening chapters, he makes the astonishing point that the pursuit of equilibrium in explaining economic phenomenon has blinded economists to the power of positive feedback. This is a vital point because current government and economic policy is based on neoclassical economic theory and if the theoretical assumptions are faulty so are the policies that stem from our flawed economic understanding.

This is just one example of how modern thinking in network science, social networks, and complexity have and will continue to change thinking in public administration.

 

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