Current mainstream economic theory needs a major overhaul. Why? Because it seems to ignore that modern advanced economies are evolutionary complex systems. Both economic theory and political economics ...

Normative economics is a perspective of "what ought to be" rather than what actually is, dealing heavily in value judgments ...

I’ve written before about how economies can be thought of as network-based supercomputers that physically rearrange atoms — what some academics mean by the term “information” — to generate value. As I ...

In 2006, economists at the Federal Reserve Bank of New York started to worry about the overheating US housing market. Concerned that the bubble might burst, they used their best model to predict what ...

CONSIDER THE task economists have set themselves. The global economy is the outcome of near-constant interaction between billions of unique individuals. To attempt to model even a small corner with a ...