Talking Complex Systems Economics to people who understand complex systems
This talk was a pleasure to give, because for once I was talking to an audience which completely understands Complex Systems (unlike the vast majority of economists). In the case of "EASY"--the "Evolutionary and Adaptive Systems Research Group"(http://www.sussex.ac.uk/easy/)--they apply this methodology to analysing the brain and consciousness, rather than economics.

In this talk I:

  • Outline Minsky (downloadable from https://sourceforge.net/projects/minsky/), the system dynamics platform I designed for economics  to enable banks, debt and money to be easily incorporated into dynamic models of the economy,
  • explain why mainstream economists believe that you don't have to include banks, debt and money in macroeconomic models and why they are profoundly wrong,
  • discuss the attempt by some Neoclassical economists to get back to that Olde Religion now that the global economy is reviving somewhat, ten years after the Global Financial Crisis,
  • and conclude by showing that macroeconomics does not have to be derived from microeconomics (which is impossible in the first place, because of emergent properties in complex evolutionary systems, which the economy manifestly is), but can instead be derived directly from macroeconomic definitions in a Complex Systems manner.

I also kept the recording going during the discussion with the audience, which was a very informed one. I hope the questions are audible!

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