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Complexity and economic laws

Summary:
From Maria Alejandra Mad In the 1960s, Hayek argued that: “in the field of complex phenomena, the term” law “, as well as the concepts of cause and effect, are not applicable”. Regarding “The Theory of Complex Phenomena”, Hayek warned that in the case of complex phenomena, the scientist must give priority to the development of theoretical assumptions, instead of privileging empirical tests. The economist perceives the market system as a complex system in which the coordination process of decentralized individual plans takes place. According to his approach, cognition and evolution are social phenomena intertwined in a historical process. read more

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from Maria Alejandra Mad

In the 1960s, Hayek argued that: “in the field of complex phenomena, the term” law “, as well as the concepts of cause and effect, are not applicable”. Regarding “The Theory of Complex Phenomena”, Hayek warned that in the case of complex phenomena, the scientist must give priority to the development of theoretical assumptions, instead of privileging empirical tests. The economist perceives the market system as a complex system in which the coordination process of decentralized individual plans takes place.

According to his approach, cognition and evolution are social phenomena intertwined in a historical process. read more

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