Policy & Impact
Underpinning all our research is the need to translate academic excellence into real-world impact, from innovations in science, medicine and technology, through to expert advice and policy recommendations.
How complexity can resolve the crisis in economics
Economics is in crisis. On one hand, behavioural economics is now well-established, but on the other hand, most economics models are still based on rational expectations with constraints. The standard program adds more and more constraints to rationality in hopes that this will approximate real behaviour. Professor Doyne Farmer looks at the solutions complexity economics can offer.