Simple Rules for a Complex World: Is It So?
AbstractEpstein gave to one of his books a title that summarizes the main conclusion of some studies, in particular Hayek's, of emergent orders (also known as spontaneous orders) such as the law and the market: we need, says Epstein, simple rules to cope with a complex world. We offer a critical appraisal of that statement looking in particular to his analysis of liability rule and argue that a rule of negligence, albeit more complex than strict liability, fits better the dynamics of a complex order. We conclude that the nature of the process through which the rule emerges is more important than its simplicity. We close the paper with some general reflections on the challenges presented by new researches in adaptive complex orders.
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Bibliographic InfoPaper provided by Aix-Marseille Université, CERGAM in its series CAE Working Papers with number 89.
Length: 18 pages
Date of creation: Apr 2011
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Find related papers by JEL classification:
- K00 - Law and Economics - - General - - - General (including Data Sources and Description)
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-28 (All new papers)
- NEP-HME-2012-03-28 (Heterodox Microeconomics)
- NEP-HPE-2012-03-28 (History & Philosophy of Economics)
- NEP-LAW-2012-03-28 (Law & Economics)
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- David Colander, 2008. "Complexity and the History of Economic Though," Middlebury College Working Paper Series 0804, Middlebury College, Department of Economics.
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