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Old economic models couldn’t predict the recession. Time for new ones.

See on Scoop.itBounded Rationality and Beyond

Part of a continuing series about complexity science by the Santa Fe Institute and The Christian Science Monitor, generously supported by Arizona State University. The 2008 financial crisis – which cost the United States economy between $6 trillion to $14 trillion and the world economy a great deal more – shook the world of finance to its foundation. It hit the most vulnerable particularly hard, as unemployment in the US doubled from 5 to 10 percent, and in several countries in southern Europe, 1 in 4 people who want a job are still unable to find work – roughly the unemployment rate the US experienced during the Great Depression. Recommended: Foreign companies that beat Silicon Valley at its own game It’s now old hat to point out that very few experts saw it coming. We shouldn’t be too hard on them, though. Surprisingly, the US investment in developing a better theoretical understanding of the economy is very small – around $50 million in annual funding from the National Science Foundation – or just 0.0005 percent of a $10 trillion crisis. Foreign companies that beat Silicon Valley at its own game PHOTOS OF THE DAY Photos of the day 07/20

See on csmonitor.com



Time is real? I think not

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