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Simple Rules for a Complex World: Is It So?

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  • Pierre Garello

    ()
    (CERGAM-CAE, Aix-Marseille Université)

Abstract

Epstein 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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File URL: http://junon.u-3mrs.fr/afa10w21/RePEc/cgm/wpaper/DR_89_1011.Garello.pdf
File Function: First version, 2011
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Bibliographic Info

Paper provided by Aix-Marseille Université, CERGAM in its series CAE Working Papers with number 89.

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Length: 18 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:cgm:wpaper:89

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  1. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-72, June.
  2. Elinor Ostrom, 2008. "A Polycentric Approach For Coping With Climate Change," CEMA Working Papers 578, China Economics and Management Academy, Central University of Finance and Economics.
  3. 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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