Complexity Economics: A New Way to Witness Capitalism
Having detailed the current limitations of capitalism, and the possible solution pathways, the final chapter of the book offers the reader an introduction to complexity economics. As we move into a cashless era, it is essential that we develop new economic tools that are capable of leveraging these technologies whilst measuring their impact. Without a means of measurement, it would not be possible to come up with a new theory of capitalism or, as the author states, a buffet of theories. What is required is not a universal law of capitalism but a nuanced selection of theories that are based on different scenarios. As standard tools are illsuited to this task of multiple scenario constructions based on the actions of multiple market players, the author makes the case that the solution lies in borrowing from the learnings of complexity science and the emerging discipline of complexity economics. By providing a vulgarized introduction to the subject, the reader is informed about the new tools and frameworks that need to be constructed to gauge and govern this system. Thus, the reader will be introduced to the principles and models of Econophysics and Complexity Economics, which offer greater mathematical exactitude and a higher probability of identifying systemic risk than current economic models.