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SUMMARY:Rethinking economics by understanding supply chain networks and th
 eir dynamics
DTSTART;TZID=Europe/London:20260513T143000
DTEND;TZID=Europe/London:20260513T153000
DTSTAMP:20260512T052624Z
UID:2bb5c369-0b43-f111-bec7-7c1e52046848
CREATED:20260428T140618Z
DESCRIPTION:New supply chain data allows us to literally observe how the e
 conomy works. By tracking virtually every supplier–buyer interaction amo
 ng hundreds of thousands of firms over a decade\, we are able to reconstru
 ct the networks that form the backbone of every economy. Supply chain netw
 orks are highly dynamic and reconfigure at remarkable rates. This dynamism
  lies at the heart of economies’ innovation capacity\, efficiency\, robu
 stness\, and resilience. With these data\, we can calibrate full-scale (1:
 1) models of the economy that help us understand how they function and rec
 onfigure. Within this new framework\, we revisit the classic questions of 
 economics: Are resources allocated optimally? Where is wealth created? How
  is wealth distributed? Are markets efficient? Where does inflation come f
 rom? And where do systemic risks originate? At the same time\, entirely ne
 w questions become addressable\, such as: How fast is the green transition
  progressing? What is the level of resilience to natural or logistical dis
 ruptions. These developments raise the question if economics would have de
 veloped in the way it has if we had access to the kind of “atomistic vie
 w” that is possible today?\n\nAbout the speaker\n\nStefan Thurner is an 
 Austrian physicist and economist studying the nature of complex adaptive s
 ystems. He is a co-founder and the president of the Complexity Science Hub
 \, which has been advancing the field since 2016. Since 2009\, he has held
  the chair of Science of Complex Systems at the Medical University of Vien
 na and is an external professor at the Santa Fe Institute in New Mexico. \
 n\nHis current work focuses on the foundations and fundamental principles 
 of complex systems with applications in medicine and healthcare\, systemic
  risks in financial and supply chain networks\, as well as in social dynam
 ics. He published more than 300 scientific articles\; his work has been co
 vered in more than 1\,000 newspaper\, radio\, and television reports by me
 dia such as The New York Times\, BBC World\, NZZ\, Die Zeit\, Arte\, Natur
 e\, New Scientist and Physics World.
LAST-MODIFIED:20260428T141134Z
LOCATION:Manor Road Building - Seminar Room G and online via Zoom\, Semina
 r Room G and online via Zoom Manor Road Building Manor Road Oxford Oxfords
 hire OX1 3UQ United Kingdom
SPEAKER:Stefan Thurner (Complexity Science Hub)
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