W. Brian Arthur on Complexity economics

“Right after we published our first findings, we started getting letters from all over the country saying, "You know, all you guys have done is rediscover Austrian economics"… I admit I wasn't familiar with Hayek and von Mises as the time. But now that I've read them, I can see that this is essentially true.”

“The features of complexity economics are clear. The economy is not necessarily in equilibrium; in fact it is usually in nonequilibrium. Agents are not all knowing and perfectly rational; they must make sense of the situations they are in and explore strategies as they do this…In this way the economy is organic, one layer forms on the top of the previous ones; it is ever changing, it shows perpetual novelty; and structures within it appear, persist for a while, and melt back into it again.”