By Basil John Moore (auth.)
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Additional info for Shaking the Invisible Hand: Complexity, Endogenous Money and Exogenous Interest Rates
Only storytelling is possible. 25 Real numbers can be diced into infinitely fine gradations. But given the noisiness, fuzziness, flux, and openness of the world any apparent scientific precision is a sham. Computers may have the power to hasten the end of empirical science. With the help of powerful statistical methods and computers, astrophysicists have now learned how to overcome the n-body problem. Computers can now successfully simulate the short-run evolution of entire galaxies. 26 Since we have only one universe to study, we are unable to do controlled experiments on it.
An even less well-known and more astonishing emergent property of water is termed “critical opalescence”: Critical opalescence is a strikingly beautiful effect that is seen when water is heated to a temperature of 374 degrees Celsius under high pressure. 374 degrees is the critical temperature of water, the temperature at which water turns continuously into steam without boiling. At the critical temperature and pressure, water and steam are indistinguishable. They are a single fluid unable to make up its mind whether to be a gas or a liquid.
There exists no single “true” structural model of a complex economy. The meteorological analogy is much more appropriate for economics than Marshall’s tidal analogy. Meteorologists now recognize that meteorological phenomena must be modeled as nonlinear chaotic systems. ” Meteorologists have gained much deeper insight into weather behavior. They now understand why it is impossible to predict the weather more than a few days in advance. 23 But the economic universe is unimaginably more complex than the meteorological universe.