Complexity, concentration and contagion: A comment
Author(s)Lo, Andrew W.
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Although the precise origins of the term “complex adaptive system” are unclear, nevertheless, the hackneyed phrase is now firmly ensconced in the lexicon of biologists, physicists, mathematicians, and, most recently, economists. However, as with many important ideas that become cliches, the original meaning is often obscured and diluted by popular usage. But thanks to the fascinating article by Gai, Haldane, and Kapadia (hereafter GHK), we have a concrete and practical instantiation of a complex adaptive system in economics, one that has real relevance to current policy debates regarding financial reform.
DepartmentSloan School of Management
Journal of Monetary Economics
Lo, Andrew W. “Complexity, Concentration and Contagion: A Comment.” Journal of Monetary Economics 58, no. 5 (July 2011): 471–479.
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