W. Brian Arthur

"The type of rationality we assume in economics — perfect, logical, deductive rationality — is extremely useful in generating solutions to theoretical problems. But it demands much of human behavior — …"

"The inductive-reasoning system I have described above consists of a multitude of “elements” in the form of belief-models or hypotheses that adapt to the aggregate environment they jointly create. Thus…"

"As we begin to understand, we begin to understand that we’re part of an ever-changing, interlocking, non-linear, kaleidoscopic world."

"In many parts of the economy, stabilizing forces appear not to operate. Instead, positive feedback magnifies the effects of small economic shifts; the economic models that describe such effects differ …"

"Increasing-returns economics has roots that go back 70 years or more, but its application to the economy as a whole is largely new."

"More than anything else technology creates our world. It creates our wealth, our economy, our very way of being."

"Our understanding of how markets and businesses operate was passed down to us more than a century ago by a handful of European economists — Alfred Marshall in England and a few of his contemporaries o…"

"Right after we published our first findings, we started getting letters from all over the country saying, "You know, all you guys have done is rediscover Austrian economics"… I admit I wasn't familiar…"