
Is All Economics Local? [pdf] - hunglee2
https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/is-all-economics-local-speech-by-andy-haldane.pdf?la=en&hash=577BDED2260063C517798A13E4C53E17CF82CC26
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clairity
haven't read the whole paper, but the single pendulum, double pendulum analogy
caught my attention (took me back to grad school). they use it to talk about
complex systems (like a double pendulum) arising rapidly from simple systems
(2 single pendulums), which defies basic intuition about systems.

and then (on p.27)...

> "the very dimensionality of ABMs is striking. The largest in physics can now
> simulate interactions of up to 400 billion distinct particles at any one
> time."

and...

> "If the largest ABMs have a dimensionality greater than our population, why
> not model the economy at its highest possible resolution?"

so they use agent-based models (ABMs) (figure 2 is simcity!) to uncover
unintuitive emergent behaviors underlying the highly complex system that is
economics, things that just can't be understood with the simple macroeconomic
models based on a few variables like GDP and inflation.

