Abstract
The financial crisis of 2008 illustrates the problem of relying on probability and uncertainty at the macro scale. Leading up to the crisis, the effects of dynamic complexity were not understood. The economic patterns that led to the crisis had never been seen before. There was no wealth of experience that allowed economists, financial leaders or governments to accurately predict how events would unfold or issue timely warnings that would stop the crisis from happening or prepare world economies for the aftermath. The effects of dynamic complexity grew undetected and a crisis happened. Not only did panic breakout but panic actions had to be taken to constrain the panic.
To accomplish great things, we must not only act, but also dream, not only plan, but also believe.
—Anatole France
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Notes
- 1.
Professor Nouriel Roubini of New York University did say in a speech at the FMI in 2006, that the event was coming but not really when.
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© 2014 Springer-Verlag Berlin Heidelberg
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Abu el Ata, N., Perks, M.J. (2014). Dynamic Complexity in Action. In: Solving the Dynamic Complexity Dilemma. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-54310-4_4
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DOI: https://doi.org/10.1007/978-3-642-54310-4_4
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Publisher Name: Springer, Berlin, Heidelberg
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