Arbitrage Equilibrium and the Invisible Hand in Self-organizing Dynamics of Biological Systems
Explore a groundbreaking lecture on the application of economic concepts to biological and ecological systems. Delve into the novel game-theoretic framework of statistical teleodynamics, which integrates survival-driven purpose and utility maximization with conventional statistical mechanics. Discover how this unified theory of arbitrage equilibrium in active matter explains self-organizing dynamics in various systems, from ant colonies and bird flocks to mussel beds and economic markets. Examine the proposed spectrum of self-actualizing capabilities and its implications for understanding pattern formation in nature and society. Gain insights into the emergence of income distributions and their fairness in ideal free-market economies. Uncover the connections between physics, biology, and economics in this thought-provoking presentation by Venkat Venkatasubramanian from Columbia University.