In this guest cross-post, Geoffrey West, former President of the Santa Fe Institute, argues that just as the industrial age produced the laws of thermodynamics, we need universal laws of complexity to solve intractable problems of the post-industrial era, and that ‘big data’ needs such ‘big theory’. For more on this topic, see David Hales’ guest […]

A wonderfully written piece in today’s FT Magazine by Stephen Foley, on the changing role of physicists in financial markets. A short extract below, and the full article is here (sign up may be required but is free for a certain number of articles). ‘…complex systems are not systematically predictable. They’re only predictable in some regimes…’ The […]

Behavioural economics is not (a) about controlling behaviour (b) conservative or liberal (c) about irrationality. So what exactly is it? People are complex; they defy easy summary. Like Walt Whitman, we all contain multitudes. As a discipline, economics has been successful in part because it has ignored this complexity. Instead it has focused on explaining the institutions […]

This is the editorial from this weeks’ New Scientist, which looks at complex systems approaches in the context of the US shutdown. I especially like the line towards the end: ‘Few politicians are familiar with this emerging science, and many will be constitutionally disinclined to embrace it.’ If history really is, in the famous dictum, […]

This is a cross-post from the HBR written by Richard Straub, and is one of a series of perspectives that will be published leading up to the fifth annual Global Drucker Forum in November 2013 on the theme of Managing Complexity. Nobody would deny that the world has become more complex during the past decades. […]