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Grounding Complexity Economics in Framing Modern Governance

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  • Olivér Kovács

    (National Univesrity of Public Service, Faculty of Public Governance and International Studies, Department of Economics and International Economics
    ICEG European Center)

Abstract

This paper addresses the hottest potato of economics today, namely why the profession seems to have been lulled into a sense of false security in spite of flourishing economic models as well as subfield-knowledge in various disciplines? The embarrassing question of the Queen of England ‘why did nobody see the crisis of 2008 coming’ emblematically signalled the failure of the collective imagination of the entire profession to understand the system and its emerging patterns. The present paper can be seen therefore as a clarion call for grounding a shift towards an economics barded with the lessons learnt in complexity science in shaping modern governance.

Suggested Citation

  • Olivér Kovács, 2019. "Grounding Complexity Economics in Framing Modern Governance," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(4), pages 571-594, December.
    • Handle: RePEc:aka:aoecon:v:69:y:2019:i:4:p:571-594
    Note: This paper was supported by the János Bólyai Research Scholarship of the Hungarian Academy of Sciences and by the UNKP-19-4-NKE-2 New Excellence Program of the Ministry for Innovation and Technology.
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    More about this item

    Keywords

    complexity; complex system; uncertainty; economic governance;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H00 - Public Economics - - General - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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