The Complexity Revolution and the Future of Economics
AbstractThe paper considers the change in theoretical and empirical research in modern economics. This change is driven by the emergence of new theoretical approaches associated with the complexity theory and behavioral economics. The author shows that in future economists will reject some basic assumptions of neoclassical economics and adopt many different interdisciplinary approaches in order to study concrete economic problems. These gradual transformations should considerably change the structure of economic knowledge. Formal modeling will be of minor importance and will give place to more applied fields of research.
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Bibliographic InfoPaper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0319.
Length: 16 pages
Date of creation: Aug 2003
Date of revision:
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Other versions of this item:
- D. Colander., 2009. "The Complexity Revolution and the Future of Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
- NEP-ALL-2003-10-20 (All new papers)
- NEP-CBE-2003-10-20 (Cognitive & Behavioural Economics)
- NEP-HIS-2003-10-20 (Business, Economic & Financial History)
- NEP-HPE-2003-10-20 (History & Philosophy of Economics)
- NEP-PKE-2003-10-20 (Post Keynesian Economics)
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