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Crisis económicas y cambios de paradigma

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  • Gonzalo Castañeda

    (El Colegio de México)

Abstract

This essay suggests that the orthodox economic theory is in a quandary because of its poor performance in explaining the international financial crisis that started in 2008. Likewise, it claims that the social complexity theory is a better paradigm to explain socioeconomic phenomena, especially those characterized by endemic disequilibrium and non-linear collective behavior. In particular, the paper makes reference to models of heterogeneous agents based on statistical mechanics which explain the observed behavior in assets prices much better than the neoclassical models of efficient markets.

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File URL: http://codex.colmex.mx:8991/exlibris/aleph/a18_1/apache_media/S73GG3461BJ85EKNIE4NEH46V73E4S.pdf
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Bibliographic Info

Article provided by El Colegio de México, Centro de Estudios Económicos in its journal Estudios Económicos.

Volume (Year): 25 (2010)
Issue (Month): 2 ()
Pages: 425-441

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Handle: RePEc:emx:esteco:v:25:y:2010:i:2:p:425-441

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Web page: http://www.colmex.mx/centros/cee/
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Keywords: economic paradigms; financial crisis; social complexity theory;

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  1. N. Gregory Mankiw, 2006. "The Macroeconomist as Scientist and Engineer," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 29-46, Fall.
  2. Iori, Giulia, 2002. "A microsimulation of traders activity in the stock market: the role of heterogeneity, agents' interactions and trade frictions," Journal of Economic Behavior & Organization, Elsevier, vol. 49(2), pages 269-285, October.
  3. Castañeda, Gonzalo, 2009. ""Sociomática": El estudio de los sistemas adaptables complejos en el entorno socioeconómico," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(301), pages 5-64, enero-mar.
  4. John H. Miller & Scott E. Page, 2007. "Complexity in Social Worlds, from Complex Adaptive Systems: An Introduction to Computational Models of Social Life
    [Complex Adaptive Systems: An Introduction to Computational Models of Social Life]
    ," Introductory Chapters, Princeton University Press.
  5. David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Brigitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Middlebury College Working Paper Series 0901, Middlebury College, Department of Economics.
  6. Sheri M. Markose, 2004. "Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS)," Economics Discussion Papers 574, University of Essex, Department of Economics.
  7. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin.
  8. Cars Hommes & Florian Wagener, 2008. "Complex Evolutionary Systems in Behavioral Finance," Tinbergen Institute Discussion Papers 08-054/1, Tinbergen Institute.
  9. John H. Miller & Scott E. Page, 2007. "Social Science in Between, from Complex Adaptive Systems: An Introduction to Computational Models of Social Life
    [Complex Adaptive Systems: An Introduction to Computational Models of Social Life]
    ," Introductory Chapters, Princeton University Press.
  10. Marchionatti Roberto, 2009. "J. M. Keynes, thinker of economic complexity," CESMEP Working Papers 200902, University of Turin.
  11. Lux, T. & M. Marchesi, . "Scaling and Criticality in a Stochastic Multi-Agent Model of a Financial Market," Discussion Paper Serie B 438, University of Bonn, Germany, revised Jul 1998.
  12. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics.
  13. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
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