CHAPTER FIVE
Dynamics
THE DELIGHTS OF DISEQUILIBRIUM
AT THE BEGINNING of the twentieth century, just as economics was separating from its encounter with physics and retreating into its intellectual Cuba, the physical sciences took a radical change in direction. Over the next one hundred years, physicists would tear up the very theories that Walras and company had borrowed, and replace them with relativity, quantum mechanics, the thermodynamics of nonequilibrium systems, chaos theory, and complexity theory. Scientists came to recognize that the universe is neither deterministic like a clock, nor random like a casino; in fact, systems that are ...
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