Complexity in Economics

Change is a questionable thing in everyone’s life, just like in the economy and markets. Actually, it’s a really complex thing. The changes taking place in the market are also influenced by economic factors, either negatively or positively, for example, prices rise when inflation occurs. In addition, world trends are constantly changing, as are consumer needs. The development of technology has accelerated rapidly in the last 10 years, creating many new trends. In addition to the fact that people have access to that much information, there are many advantages, but there are also disadvantages, for example, there is an economical question of what will happen in the future if robots will replace the human workforce.

Technology mostly has a harmful effect on the environment. A very complex explanation can also be given for this. On the one hand, most of the information is spreading on the Internet, so nowadays there are full of advertisements, which attract the attention of the consumer so they buy or want to buy the products, which involve a lot of waste. On the other hand, unfortunately, tech companies also dump a lot of garbage and used devices in poorer countries. Of course technology can connect to the nature positively, it is useful that they created the idea of solar panels, we can save energy.

So in conclusion just like Brian Arthur said, that they keep going to teach the same old neoclassical theory at schools or anywhere, but we need to be more open minded. It is good as a basic knowledge but it cant be used forever.