Sins of the Sons of Samuelson: Vision, pedagogy, and the zig-zag windings of complex dynamics
AbstractThe standard economics text is centered on a vision of a naturally self-regulated, dynamically stable system with a unique global attractor. This paper discusses how we got there and how recent developments in the study of dynamical systems allow us to go beyond that. It traces the evolution of the teaching of economics from Alfred Marshall, who built his supply-and-demand framework within a complexity vision of the economy. It suggests that that complexity vision was lost as economists formalized the supply-demand framework and extended it to the entire economy. This paper argues that the current textbook presentation of economics should not and cannot serve as the only intellectual frame we provide to our students.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 74 (2010)
Issue (Month): 3 (June)
Contact details of provider:
Web page: http://www.elsevier.com/locate/jebo
Vision Complex dynamics Stability Economic pedagogy;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Brock, W.A., 1995.
"A Rational Route to Randomness,"
9530, Wisconsin Madison - Social Systems.
- Hommes, Cars H. & Rosser,, J. Barkley, 2001.
"Consistent Expectations Equilibria And Complex Dynamics In Renewable Resource Markets,"
Cambridge University Press, vol. 5(02), pages 180-203, April.
- Cars H. Hommes & J. Barkley Rosser, 2001. "Consistent Expectations Equilibria and Complex Dynamics in Renewable Resource Markets," Tinbergen Institute Discussion Papers 01-013/1, Tinbergen Institute.
- Hommes, C.H. & Rosser, B.J., Jr., 2000. "Consistent Expectations Equilibria and Complex Dynamics in Renewable Resource Markets," CeNDEF Working Papers 00-05, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
- Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890.
- Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
- Thomas J. Sargent, 2008.
"Evolution and Intelligent Design,"
American Economic Review,
American Economic Association, vol. 98(1), pages 5-37, March.
- David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
- Saari, Donald G & Simon, Carl P, 1978. "Effective Price Mechanisms," Econometrica, Econometric Society, vol. 46(5), pages 1097-1125, September.
- Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
- David Colander, 1995. "The Stories We Tell: A Reconsideration of AS/AD Analysis," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 169-188, Summer.
- Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
- Olivier J. Blanchard, 2008.
"The State of Macro,"
NBER Working Papers
14259, National Bureau of Economic Research, Inc.
- V. V. Chari & Patrick J. Kehoe, 2006.
"Modern Macroeconomics in Practice: How Theory Is Shaping Policy,"
Journal of Economic Perspectives,
American Economic Association, vol. 20(4), pages 3-28, Fall.
- V. V. Chari & Patrick J. Kehoe, 2006. "Modern macroeconomics in practice: how theory is shaping policy," Staff Report 376, Federal Reserve Bank of Minneapolis.
- Patrick Kehoe & Varadarajan V. Chari, 2006. "Modern Macroeconomics in Practice: How Theory is Shaping Policy," NBER Working Papers 12476, National Bureau of Economic Research, Inc.
- Samuelson, P. A., 1974. "Remembrances of Frisch," European Economic Review, Elsevier, vol. 5(1), pages 7-23, June.
- Samuelson, Paul A., 1970.
"Maximum Principles in Analytical Economics,"
Nobel Prize in Economics documents
1970-1, Nobel Prize Committee.
- Herbert Gintis, 2007. "The Dynamics of General Equilibrium," Economic Journal, Royal Economic Society, vol. 117(523), pages 1280-1309, October.
- Sergiu Hart & Andreu Mas-Colell, 2003. "Uncoupled Dynamics Do Not Lead to Nash Equilibrium," American Economic Review, American Economic Association, vol. 93(5), pages 1830-1836, December.
- repec:dgr:uvatin:2001013 is not listed on IDEAS
- David Colander, 2007.
"Introduction to The Making of an Economist, Redux
[The Making of an Economist, Redux]," Introductory Chapters, Princeton University Press.
- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
- J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.