"Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence."

“That very large system, with interconnected industries responding to each other through delays, entraining each other in their oscillations, and being amplified by multipliers and speculators, is the primary cause of business cycles. Those cycles don't come from presidents, although presidents can do much to ease or intensify the optimism of the upturns and the pain of the downturns. Economies are extremely complex systems; they are full of balancing feedback loops with delays and they are inherently oscillatory.”

“You've seen how information holds system together and how delayed, biased, scattered, or missing information can make feedback loops malfunction. Decision-makers can respond to information they don't have, can't respond accurately to information that is inaccurate, and can't respond in a timely way to information that is late. I would guess that most of what goes wrong in systems goes wrong because of biased, late, or missing information. Information is power.”

“Like resilience, self-organization is often sacrificed for purposes of short-term productivity and stability.”

“The least obvious part of a system, its function or purpose, is often the most crucial determinant of the system's behavior.”

“When there are long delays in feedback loops, some sort of foresight is essential.”

“No one can define or measure justice, democracy, security, freedom, truth, or love. But if no one speaks up for them, if systems aren't designed to produce them, if we don't speak about them and point toward their presence or absence, they will cease to exist.”