ISEG Research Fellow Dr. Abigail Devereaux attended the Liberty Fund Conference “Liberty in Relation to Law and Macroeconomics.” to discuss complexity economics. Complexity economics is an emerging field of economics that seeks to explain spontaneous social orders, truly temporal and nonlinear economic system dynamics, creativity and innovation, human action under fundamentally partial knowledge, and the limits to system control. This field encompasses the topics above. Complexity economics is a paradigm shift away from static, timeless, an unsocial economic theory. Devereaux is the founder of the only complexity economics group with a focus on bottom-up emergence and epistemic humility.
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About the conference
One of the most fundamental insights in economics is the role that prices play in coordinating human action. For the Austrians, however, the emphasis is placed on the price system as a knowledge communication process. This conference invited humanities scholars with particular interest in issues of communication to consider economics and prices as a method of communication of disparate and often tacit knowledge.