SHIFTING SANDS: NON-LINEARITY, COMPLEXITY AND RANDOMNESS IN ECONOMICS
2008年金融危机暴露了主流经济学的不足，本文提出基于算法基础的非线性、复杂性和随机性方法，以恢复经济学的严谨性并应对未来危机。
Abstract The great crash of 2008 and the associated banking crisis have exposed the increasing irrelevance of much mainstream economics and provoked some economists to re-examine their discipline. Linear or linearized models with well-behaved additive stochastic disturbances, based on ‘microeconomic foundations’ are no longer anywhere near adequate. Non-linearity, complexity and randomness cannot be avoided, and the ideas of the British Emergentists have recently been given a new lease of life. Basing economics on algorithmic foundations provides a means of restoring genuine rigour to economics and, it is hoped, allowing the discipline to respond in a rational and humane way the next time a major crisis looms.