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Pitchfork Economics with Nick Hanauer

Making Sense of Chaos (with Doyne Farmer)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 9 July 2024

⏱️ 45 minutes

🧾️ Download transcript

Summary

This week, Nick and Goldy talk to Doyne Farmer, a renowned physicist and mathematician, to discuss his new book, "Making Sense of Chaos: A Better Economics for a Better World." Farmer, who is a professor at the Institute for New Economic Thinking, challenges traditional orthodox economic frameworks by applying complex systems theory. Their conversation explores the limitations of mainstream economic models, the importance of incorporating uncertainty into economic thinking, and the potential for complexity economics to provide better guidance for policymakers in addressing pressing issues like climate change and inequality. It’s a thoughtful discussion that explores more effective approaches to understanding and managing complex economic systems. Doyne Farmer is a renowned physicist and mathematician who is currently a Professor at the Institute for New Economic Thinking at the University of Oxford and the Director of the Complexity Economics program. He is also an author known for his groundbreaking work in the field of complex systems and chaos theory. His recent book, "Making Sense of Chaos: A Better Economics for a Better World," delves into how chaos theory can be applied to understand and address the complexities of modern economic systems. Twitter: @doyne_farmer Further reading: Making Sense of Chaos: A Better Economics for a Better World Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

The rising inequality and growing political instability that we see today are the direct result of decades of bad economic theory.

0:10.0

It's time to build our economy from the bottom up and from the middle out, not the top down.

0:15.0

Middle out economics is the answer.

0:18.0

Because Wall Street didn't build this country.

0:20.0

Great middle class built this country.

0:22.0

The more the middle class thrives, the better the economy from the middle out.

0:42.0

Welcome to the show. build the economy from the middle out.

0:42.6

Welcome to the show. Goldie today we get to talk to one of my absolute favorite people.

0:54.0

Done Farmer is a renowned physicist and mathematician who is currently a professor at the

1:02.0

Institute for New Economic Thinking where my colleague,

1:05.4

our good friend Eric Bienacher, works.

1:08.1

He runs the Institute.

1:10.9

And today we get to talk to him about his new book making sense of chaos, which addresses how complex systems can be applied to economics.

1:22.2

And Don, like Don is just one of the world's most brilliant and

1:26.5

interesting people he's had an insanely consequential career in the academy but also done crazy stuff like

1:36.7

applied this really modern mathematics to to beating the market to beating

1:42.1

casinos in Las Vegas.

1:44.5

You know, he's a really extraordinary character

1:48.5

and so smart, so funny.

1:50.8

I can't remember, have you ever met Doan before, Goldie? We had him on the podcast with

1:56.2

Eric once before. A long time ago. A long time ago. I've never actually met him in person.

2:01.8

Yeah, yeah, yeah, just an incredible person and and

...

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