A large economy is one of the best examples we have of complex dynamics. There are multiple components arranged in complicated overlapping hierarchies, out-of-equilibrium dynamics, nonlinear coupling and feedback between different levels, and ubiquitous unpredictable and chaotic behavior. Nevertheless, many economic models are based on relatively simple equilibrium principles. Doyne Farmer is among a group who think that economists need to start taking the tools of complexity theory seriously, as he argues in his recent book&nbsp;<a href="https://www.penguin.co.uk/books/284357/making-sense-of-chaos-by-farmer-j-doyne/9780241201978" rel="noopener noreferrer" target="_blank">Making Sense of Chaos:</a>&nbsp;A Better Economics for a Better World.Support Mindscape on&nbsp;<a href="https://www.patreon.com/seanmcarroll" rel="noopener noreferrer" target="_blank">Patreon</a>.Blog post with transcript: <a href="https://www.preposterousuniverse.com/podcast/2024/10/21/293-doyne-farmer-on-chaos-crashes-and-economic-complexity/" rel="noopener noreferrer" target="_blank">https://www.preposterousuniverse.com/podcast/2024/10/21/293-doyne-farmer-on-chaos-crashes-and-economic-complexity/</a>J. Doyne Farmer received his Ph.D. in physics from the University of California, Santa Cruz. He is currently Director of the Complexity Economics program and Baillie Gifford Professor of Complex Systems Science at the University of Oxford, External Professor at the Santa Fe Institute, and Chief Scientist at&nbsp;<a href="https://www.macrocosm.group/" rel="noopener noreferrer" target="_blank">Macrocosm</a>. He was the founder of the Complex Systems Group in the Theoretical Division at Los Alamos National Laboratory, and co-founder of The Prediction Company.<ul><li><a href="https://www.doynefarmer.com/" rel="noopener noreferrer" target="_blank">Web site</a></li><li><a href="https://www.oxfordmartin.ox.ac.uk/people/doyne-farmer" rel="noopener noreferrer" target="_blank">Oxford web page</a></li><li><a href="https://scholar.google.com/citations?user=Rk7g1U0AAAAJ&hl=en" rel="noopener noreferrer" target="_blank">Google Scholar publications</a></li><li><a href="https://www.amazon.com/stores/J.-Doyne-Farmer/author/B0CZTTWQ7K?ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true" rel="noopener noreferrer" target="_blank">Amazon author page</a></li><li><a href="https://en.wikipedia.org/wiki/J._Doyne_Farmer" rel="noopener noreferrer" target="_blank">Wikipedia</a></li></ul>

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293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity

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