Does Complexity Economics need complex simulation systems to gain insight and even beyond, complex control systems to being "managed"? A global controller is in contradiction to complexity.
I see a system as complex, if it contained subsystems of co-evolution.
Traditional economic models see an interplay between countless market participants who acting more or less rational bringing the markets towards a balance and external impacts mostly based on events as well as rules and technology developments.
In short, financial instruments taking their realistic values would "freeze" - the market would settle down - without external "shocks".
Do they? Complex, constructive learning plays an important role in such complex systems leading to an internal dynamics even with the absence of external shocks.
M Buchanan went into details in his post Minority Games. Really exciting.
But let me step back a little. Will there be a co-evolution of human and artificial intelligence or will technology just take over? In other words, will we, will we need to stay competitive?
I have a background in factory automation and in this field feed back loops are still used to control machine tools, robots, transportation and storage systems. There will be a better way of interaction based on simple local intelligence.
What about an economic agent system?
Let me escape from the feasibility question.
Can competition in principle mean "fewer" losses?
Humans build networks to enhance knowledge, interact across cultures, ask great questions, engage opposite views, .... they co-operate.
Therefore I do not see the future spectacled, say, in the Matrix films.
What interacting with technology teaches us will be important and consequently, we need to design systems strictly bottom up.
