“By looking at Lyapunov functions and comparing it to some of our other models, like Markov processes and the Langton model, we begin to see how having multiple models in our heads enables us to understand some of the richness we see out there in the world, and actually have deeper understandings of the processes we see. To understand, like, this process is going into equilibrium because it’s a Markov process, and it’s a stochastic equilibrium. And this process, an exchange market, is going to equilibrium because of the fact that it’s a Lyapunov function and happiness is going up. So what you get is different processes in that equilibrium for very different reasons. And having different tools for understanding why equilibrium exists is [a] very useful thing for making sense of the world.”- Transcript from Scott Page Coursera
Source:
Scott Page Model Thinking MOOC Course
