CHAPTER FIFTEEN
Strategy
RACING THE RED QUEEN
THE MESSAGE of Traditional Economics is that if humans can just behave rationally enough, and if we possess enough information, then the economy will be revealed as a universe of clockwork predictability. Even the uncertainty of Traditional Economics is of the well-behaved kind.1 The dream of a clockwork universe ended for science in the twentieth century, and is ending for economics in the twenty-first. The economy is too complex, too nonlinear, too dynamic, and too sensitive to the twists and turns of chance to be amenable to prediction over anything but the very shortest of terms.2 Even if we were ...
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