Wednesday, March 6, 2019
It's understanding that the economic world, like parts of the physical world, is described by non-linear dynamic systems in which outcomes are heavily influenced by quite small changes in initial conditions. So there is no equilibrium, but just constant evolution and change. The whole mathematics of complexity, which has mushroomed over the last 20 years, has been about understanding the development of these types of systems.
Posted by MainandWall™ at 3:33 AM