Complexity economics is a branch of economics that looks at how economic systems function when they are made up of interacting agents. These agents can be individuals, firms, households, or even countries. Complexity economics tries to understand how these agents interact with each other and how this affects the overall functioning of the system.
One of the key insights of complexity economics is that economic systems are not in equilibrium. This means that there is always some change taking place, and that there is always some degree of uncertainty about what will happen next. This makes it very difficult to predict exactly how the system will evolve over time.
Another key insight is that economic systems are adaptive. This means that they can change and adapt in response to changes in the environment. This makes them much more resilient to shocks and changes than systems that are not adaptive.
Complexity economics is still a relatively new field, and there is much still to be learned about how it works. However, it has already provided some valuable insights into how economic systems function, and how they can be made more resilient to change.