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complexity

"It is a paradox of nature that such random processes can produce regular forms, and that regular processes can produce random forms."—Leopold & Langbein The whole is greater than the sum of its parts. Unpredictability of complex systems is peculiarly analogous to the Halting Problem from computer science. Our inability to fathom complex systems is rapidly being elucidated via cognitive science. Ironically, the systems comprising our minds form an astoundingly efficient complex adaptive system.

Jack Bogle, Oligopsony, and Capitalism (Part I)

When a daring pioneer passes on to what we wistfully refer to as "the other side", I find it only natural that we have a public retrospective. The words I feel obliged to write are not mere pleasantries.…
7 months ago Thomas Keiser macroeconomics, complexity, markets, efficiency, indexation, reflexivity

Embarking on a Journey of Inquiry

For years, I have read prevailing economic consensus with considerable bemusement. "Keep my own counsel", I would oft repeat. Pillorying prominent academics is unwise, I brooded. Yet, my reticence to speak must be cast aside. Economics is no longer a mere academic topic.…
8 months ago Thomas Keiser complexity, macroeconomics
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