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The Complexity Revolution and the Future of Economics

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  • David Colander

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Abstract

The 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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File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/0319.pdf
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Bibliographic Info

Paper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0319.

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Length: 16 pages
Date of creation: Aug 2003
Date of revision:
Handle: RePEc:mdl:mdlpap:0319

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References

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  1. Daniel J. Benjamin & David I. Laibson, 2003. "Good policies for bad governments: behavioral political economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
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Citations

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Cited by:
  1. Kumaraswamy Velupillai, 2003. "Economics and the complexity vision: chimerical partners or elysian adventurers," Department of Economics Working Papers 0307, Department of Economics, University of Trento, Italia.
  2. Jacinto Brito González, 2004. "Conocimiento, geografía e instituciones: Una aproximación a la problemática del crecimiento en el archipiélago canario," Documentos de trabajo conjunto ULL-ULPGC 2004-03, Facultad de Ciencias Económicas de la ULPGC.
  3. Fontana Magda, 2005. "Computer simulations, mathematics and economics," CESMEP Working Papers 200506, University of Turin.
  4. K. Vela Velupillai, 2005. "The impossibility of an Effective Theory of Policy in a Complex Economy," Working Papers 0094, National University of Ireland Galway, Department of Economics, revised 2005.
  5. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin.
  6. Richard Holt & J. Barkley Rosser & David Colander, 2011. "The Complexity Era in Economics," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 357-369.
  7. Gnidchenko, Andrey, 2011. "Моделирование Технологических И Институциональных Эффектов В Макроэкономическом Прогнозировании
    [Technologica
    ," MPRA Paper 35484, University Library of Munich, Germany, revised May 2011.
  8. David Colander, 2003. "Complexity, Muddling Through, and Sustainable Forest Management," Middlebury College Working Paper Series 0320, Middlebury College, Department of Economics.
  9. Fontana Magda, 2009. "The Santa Fe Perspective on Economics: emerging patterns in the science of complexity," CESMEP Working Papers 200908, University of Turin.
  10. Fontana, Magda, 2010. "Can neoclassical economics handle complexity? The fallacy of the oil spot dynamic," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 584-596, December.
  11. Milo Bianchi & Magnus Henrekson, 2005. "Is Neoclassical Economics still Entrepreneurless?," Kyklos, Wiley Blackwell, vol. 58(3), pages 353-377, 07.
  12. Woltjer,G.B., 2004. "Crude oil: using a large case to teach introductory economics," Research Memorandum 013, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  13. Johannes M. Bauer, 2004. "Governing the Networks of the Information Society. Prospects and limits of policy in a complex technical system," ITA manu:scripts 04_03, Institute of Technology Assessment (ITA).

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