by From Joachim H. Spangenberg and Lia Polotzek and WEA Commentaries In recent WEA Commentaries, the issue of complexity theory and its implications for economics have rightfully gained some prominence. However, while the authors picked up some relevant points, the issue deserves a more comprehensive treatment in new economics, beyond mobilising some arguments to bolster ongoing debates. It should be recognised instead that complexity requires a different way of thinking, and of asking questions in economics. Only then the specific tools used in complexity research, unconventional as they are from a standard economics point of view, come into play. Thus we will briefly describe what we see as core elements of complexity, the corresponding world view, and the tools used. Complexity
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from Joachim H. Spangenberg and Lia Polotzek and WEA Commentaries
In recent WEA Commentaries, the issue of complexity theory and its implications for economics have rightfully gained some prominence. However, while the authors picked up some relevant points, the issue deserves a more comprehensive treatment in new economics, beyond mobilising some arguments to bolster ongoing debates. It should be recognised instead that complexity requires a different way of thinking, and of asking questions in economics. Only then the specific tools used in complexity research, unconventional as they are from a standard economics point of view, come into play. Thus we will briefly describe what we see as core elements of complexity, the corresponding world view, and the tools used.
Complexity
Complexity economics is a genuine theoretical approach based on applying complexity analysis to the economic system; it requires a world view different from the one of neoclassical economics, moving from reductionist linear thinking to non-linear approaches of conceptualising the economy. read more