Our goal is to build a broad-based model of key components of the economy: households, firms, banks and government... The failure to embrace things l… - J. Doyne Farmer

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Our goal is to build a broad-based model of key components of the economy: households, firms, banks and government... The failure to embrace things like simulation has inhibited progress in economics.

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About J. Doyne Farmer

J. Doyne Farmer (born 1952) is an American physicist and entrepreneur, with interests in chaos theory, complexity and econophysics. He is currently Professor of Mathematics and Co-Director of the program on Complexity Economics, Institute for New Economic Thinking, Oxford University Martin School.

Also Known As

Alternative Names: James Doyne Farmer James Doyne Farmer, Jr. J Doyne Farmer
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It seemed that fundamental physics was stuck. The particle physicists were smashing particles into each other with ever increasing force, trying to figure out how many quarks could dance on the head of a pin. The cosmologists were working with very few facts... on what seemed to me to be mainly religious grounds. And most of physics was still focused on pushing and pulling, on the material properties... rather than on its informational properties. ...those that relate to order and disorder.

Rational adventure in a physical setting is becoming increasingly rarer in the world. The evolution of technology and infrastructure has altered the kind of adventures that we can have, so that people with adventurous spirits either take on risk for its own sake, or they embark on rational adventures in the mental domain.

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The basic principle of an autocatalytic network is that even though nothing can make itself, everything in the pot has at least one reaction that makes it, involving only other things in the pot. It's a symbiotic system in which everything cooperates to make the metabolism work—the whole is greater than the sum of the parts.

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