Complexity Time Bomb - When Systems Get Out of Control (Chapter 2 of Digital Society)

Abstract

The digital revolution brings more data, more speed, more connectivity, and more complexity. Besides creating new opportunities, how will this change our economy and our societies? Will it make our ever more interdependent systems better controllable or less? Are we heading towards a massive systemic breakdown? In order to figure out what needs to be done to avoid such breakdowns and fix the problems we have today, we must explore why things, as they currently stand, go wrong. The problems, ranging from economic crises to wars, are age-old. Why haven’t we yet learnt how to deal with them?

Keywords: digital revolution, complex system, interdependencies, cascade effects, systemic instability

JEL Classification: A00