The confused state of complexity analysis in modern economics

Complexity Hints for Economic Policy

Springer-Verlag

Lugar: Milan; Año: 2007; p. 33 - 53

?Complexity? ideas are becoming a hot issue in economics. Originally developed within the natural sciences, complexity theory is now believed by many to be a novel and powerful framework of thought, capable of challenging the fundamental principles sustained by mainstream economics for more than a century. Amidst such a generalized optimism, a more careful reflection on the economic literature on complexity theorizing reveals various prima facie problematic features. In this paper I will discuss, as well as seek to remedy and/or explain, some of the most significant problems and confusions subjacent to complexity economics. This exercise is helpful to carry out a more accurate assessment of the potential benefits attributed to the complexity paradigm in relation to traditional economic theories.