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From simplistic to complex systems in economics

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Author Info
John Foster

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Abstract

The applicability of complex systems theory in economics is evaluated and compared with standard approaches to economic theorising based upon constrained optimisation. A complex system is defined in the economic context and differentiated from complex systems in physio-chemical and biological settings. It is explained why it is necessary to approach economic analysis from a network, rather than a production and utility function perspective, when we are dealing with complex systems. It is argued that much of heterodox thought, particularly in neo-Schumpeterian and neo-Austrian evolutionary economics, can be placed within a complex systems perspective upon the economy. The challenge is to replace prevailing 'simplistic' theories, based in constrained optimisation, with 'simple' theories, derived from network representations in which value is created through the establishment of new connections between elements. Copyright 2005, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cje/bei083
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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 29 (2005)
Issue (Month): 6 (November)
Pages: 873-892
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Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:873-892

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References listed on IDEAS
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.:
  1. Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 263-279, 07. [Downloadable!] (restricted)
  2. Foster, John, 1997. "The analytical foundations of evolutionary economics: From biological analogy to economic self-organization," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 427-451, October. [Downloadable!] (restricted)
  3. John Foster, 2000. "Competitive selection, self-organisation and Joseph A. Schumpeter," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 311-328. [Downloadable!] (restricted)
  4. Jackson, Matthew O. & Watts, Alison, 2002. "The Evolution of Social and Economic Networks," Journal of Economic Theory, Elsevier, vol. 106(2), pages 265-295, October. [Downloadable!] (restricted)
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  5. Sheri M. Markose, 2004. "Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS)," Economics Discussion Papers 574, University of Essex, Department of Economics. [Downloadable!]
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  6. Witt, Ulrich, 1997. "Self-organization and economics--what is new?," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 489-507, October. [Downloadable!] (restricted)
  7. Peter E. Earl & Jason Potts, 2004. "The market for preferences," Cambridge Journal of Economics, Oxford University Press, vol. 28(4), pages 619-633, July. [Downloadable!] (restricted)
  8. Cowan, Robin & Jonard, Nicolas, 2004. "Network structure and the diffusion of knowledge," Journal of Economic Dynamics and Control, Elsevier, vol. 28(8), pages 1557-1575, June. [Downloadable!] (restricted)
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  9. Richard Disney & Jonathan Haskel & Ylva Heden, 2003. "Restructuring and productivity growth in uk manufacturing," Economic Journal, Royal Economic Society, vol. 113(489), pages 666-694, 07. [Downloadable!] (restricted)
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  10. J. Barkley Rosser Jr., 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall. [Downloadable!] (restricted)
  11. Nicholas Dew & S. Sarasvathy & S. Venkataraman, 2004. "The economic implications of exaptation," Journal of Evolutionary Economics, Springer, vol. 14(1), pages 69-84, January. [Downloadable!] (restricted)
  12. Foster, John & Wild, Phillip, 1999. "Econometric Modelling in the Presence of Evolutionary Change," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 749-70, November.
  13. Foster, John, 1993. "Economics and the Self-Organisation Approach: Alfred Marshall Revisited," Economic Journal, Royal Economic Society, vol. 103(419), pages 975-91, July. [Downloadable!] (restricted)
  14. Jackson, Matthew O. & Wolinsky, Asher, 1996. "A Strategic Model of Social and Economic Networks," Journal of Economic Theory, Elsevier, vol. 71(1), pages 44-74, October. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin. [Downloadable!]
  2. Wolfram Elsner, 2007. "Why Meso? On “Aggregation” and “Emergence”, and Why and How the Meso Level is Essential in Social Economics," Forum for Social Economics, Springer, vol. 36(1), pages 1-16, April. [Downloadable!] (restricted)
  3. Fontana Magda & Ferraris Gianluigi, 2006. "Managing knowlwdge in agent-based models: theoretical and methodological issues," Department of Economics Working Papers 200603, University of Turin. [Downloadable!]
  4. Jason Potts & Stuart Cunningham & John Hartley & Paul Ormerod, 2008. "Social network markets: a new definition of the creative industries," Journal of Cultural Economics, Springer, vol. 32(3), pages 167-185, September. [Downloadable!] (restricted)
  5. Hearnshaw, Edward J.S. & Cullen, Ross & Hughey, Ken F.D., 2006. "An Emergent Economics of Ecosystem Management," 2006 Conference, August 24-25, 2006, Nelson, New Zealand 31957, New Zealand Agricultural and Resource Economics Society. [Downloadable!]
  6. Antonelli Cristiano & Ferraris Gianluigi, 2009. "Innovation as an emerging system property : an agent based model," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200911, University of Turin. [Downloadable!]
  7. Patrucco Pierpaolo, 2008. "Complexity and organizational change in the coordination of technological knowledge: evidence from the automobile cluster in Turin," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200808, University of Turin. [Downloadable!]
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