Complexity and the economy

After two centuries of studying equilibria-static patterns that call for no further behavioral adjustments-economists are beginning to study the gener al emergence of structures and the unfolding of patterns in the economy. Wh en viewed in out-of-equilibrium formation, economic patterns sometimes simp lify into the simple static equilibria of standard economics. More often th ey are ever changing, showing perpetually novel behavior and emergent pheno mena. Complexity portrays the economy not as deterministic, predictable, an d mechanistic, but as process dependent, organic, and always evolving.