The standard models were formulated through a process that started well before computers were in place, and I would say it’s undergone a certain lock-in. Once you start going down that path, it’s hard to break out of it to another path. As a result, economics is stuck. It’s not even that the existing models are wrong, they’re just very limited in what they can do, and mainstream economists have gotten very locked in to using those models – and only those models.
J. Doyne Farmer — The standard models were formulated through a process that s
The standard models were formulated through a process that started well before computers were in place, and I would say it’s undergone a certain lock-in. Once you start going down that path, it’s hard to break out of it to…