The Complexity Era in Economics

Abstract

This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a revolution. Instead, it has evolved out of the many strains of neoclassical work, along with work done by less orthodox mainstream and heterodox economists. It is only in its beginning stages. The article discusses the work that is forming the foundation of the complexity era, and how that work will likely change the way in which we understand economic phenomena and the economics profession.

Evolution of the paradigm in the real estate market research from the complexity economic perspective

“…Jeżeli kwestia poszukiwania nowego paradygmatu w ekonomii stanowi obecnie przedmiot szczególnego zainteresowania wykazywanego w szeregu publikacji naukowych (m.in. Beinhocker, 2006;Wojtyna, 2008;Jakimowicz, 2010;Roubini, Mihm, 2010;Holt, Rosser, Colander 2011;Mączyńska, 2011), to według jakich kryteriów należy definiować to pojęcie? Z reguły w kontekście pojęcia paradygmat dokonuje się odwołania do fundamentalnej pracy Kuhna The Structure of Scientific Revolutions.…”

Evidence and the micro-foundations of economic growth

“…6 The case that parts (at least) of the economy should be analysed as a complex system has also been made (see e.g. Ormerod, 1998;Mandelbrot & Hudson, 2008;Gabaix, 2009;Holt, Rosser, & Colander, 2010;Kirman, 2011;Arthur, 2013 matic way to exogenous, non-economic variables. It is not a stimulus-response model, but rather a largely self-driven one.…”

An Interdependent Multi-Layer Model: Resilience of International Networks

“…In this sense, complexity science provides new insights into the study of economic processes that are complex, self-organising and adaptive, with specific and with interconnected components or sectors, at both national and international scale (Holt et al 2011;Markose 2005;Rosser 1999). For example, global supply chains are characterised by interrelated organisations, resources and processes that create and deliver products and services to consumers in countries around the world.…”