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Complexity Modelling in Economics: the State of the Art

Author

Listed:
  • Bruna Bruno

    (University of Salerno, Italy)

  • Marisa Faggini

    (University of Salerno, Italy)

  • Anna Parziale

    (University of Salerno, Italy)

Abstract

The economic crisis happening across the world over the last few years describes a range of interdependencies and interactions,and has highlighted the fundamentalf laws of neoclassical economic theory: its unedifying focus on prediction and, above all, its inability to explain how the economy really works. As such, it is increasingly recognised that economic phenomena cannot be exclusively investigated as being derived from deterministic, predictable and mechanistic dynamics. Instead, a new approach is required by which history-dependence, organic and ever-evolving processes are also accounted for. As this view implies new challenges and opportunities for policy, we will focus our attention on innovative components of Complexity Theory for the study of economics and the evaluation of public policies.

Suggested Citation

  • Bruna Bruno & Marisa Faggini & Anna Parziale, 2016. "Complexity Modelling in Economics: the State of the Art," Economic Thought, World Economics Association, vol. 5(2), pages 29-43, September.
    • Handle: RePEc:wea:econth:v:5:y:2016:i:2:p:29
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    References listed on IDEAS

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    Cited by:

    1. Walter Buhr, 2018. "Institutional Economics: A Sketch of Economic Growth Policy," Volkswirtschaftliche Diskussionsbeiträge 183-18, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
    2. Julio E. Sandubete & León Beleña & Juan Carlos García-Villalobos, 2023. "Testing the Efficient Market Hypothesis and the Model-Data Paradox of Chaos on Top Currencies from the Foreign Exchange Market (FOREX)," Mathematics, MDPI, vol. 11(2), pages 1-29, January.
    3. Wladimir Andreff, 2017. "Complexity Triggered by Economic Globalisation— The Issue of On-Line Betting-Related Match Fixing," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03207049, HAL.
    4. Wladimir Andreff, 2017. "Complexity Triggered by Economic Globalisation— The Issue of On-Line Betting-Related Match Fixing," Post-Print hal-03207049, HAL.
    5. Sandubete, Julio E. & Escot, Lorenzo, 2020. "Chaotic signals inside some tick-by-tick financial time series," Chaos, Solitons & Fractals, Elsevier, vol. 137(C).
    6. David Orrell, 2017. "A Quantum Theory of Money and Value, Part 2: The Uncertainty Principle," Economic Thought, World Economics Association, vol. 6(2), pages 14-26, September.
    7. David Orrell, 2018. "Quantum Economics," Economic Thought, World Economics Association, vol. 7(2), pages 63-81, November.

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