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Explore the concept of cooperative problem-solving in an artificial economy through this 1-hour 16-minute lecture by Eric B Baum at the Center for Language & Speech Processing (CLSP) at Johns Hopkins University. Delve into the limitations of traditional economic models based on rational actors and fully owned money-preserving systems. Examine how these models fail to capture real-world economic dynamics, such as new actors entering the economy through borrowing and the associated risks of default. Analyze the discrepancies between academic economic concepts and practical applications, questioning the value of simplified models in addressing complex real-world economic challenges. Gain insights into the evolution of economic thinking and the need for more nuanced approaches to understanding cooperative problem-solving in modern economies.
