Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Complexity Era in Economics

Contents:

Author Info

  • David Colander

    ()

  • Richard P.F. Holt
  • J. Barkley Rosser

Abstract

This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a revolution. Instead, it has evolved out of the many strains of neoclassical work, along with work done by less orthodox mainstream and heterodox economists. It is only in its beginning stages. The article discusses the work that is forming the foundation of the complexity era, and how that work will likely change the way in which we understand economic phenomena and the economics profession.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/1001.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 1001.

as in new window
Length: 23 pages
Date of creation: Jan 2010
Date of revision:
Handle: RePEc:mdl:mdlpap:1001

Contact details of provider:

Related research

Keywords:

Other versions of this item:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, December.
  2. Fehr, Ernst & Schmidt, Klaus M., 2009. "On Inequity Aversion - A Reply to Binmore and Shaked," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 256, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  3. David Colander & Ric Holt & Barkley Rosser, 2003. "The Changing Face of Mainstream Economics," Middlebury College Working Paper Series, Middlebury College, Department of Economics 0327, Middlebury College, Department of Economics.
  4. K. Vela Velupillai, 2004. "A primer on the tools and concept of computable economics," Department of Economics Working Papers 0405, Department of Economics, University of Trento, Italia.
  5. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
  6. D. Colander., 2009. "The Complexity Revolution and the Future of Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
  7. Sent, Esther-Mirjam, 1997. "Sargent versus Simon: Bounded Rationality Unbound," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 21(3), pages 323-38, May.
  8. Fehr, Ernst & Schmidt, Klaus M., . "A theory of fairness, competition, and cooperation," Chapters in Economics, University of Munich, Department of Economics, University of Munich, Department of Economics.
  9. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 741-757, July.
  10. Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, Springer, vol. 14(3), pages 263-279, 07.
  11. Binmore, Ken & Shaked, Avner, 2010. "Experimental economics: Where next?," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 87-100, January.
  12. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 115(504), pages F159-F192, 06.
  13. Per Krusell & Anthony A. Smith & Jr., 1998. "Income and Wealth Heterogeneity in the Macroeconomy," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 106(5), pages 867-896, October.
  14. Tesfatsion, Leigh & Judd, Kenneth L., 2006. "Handbook of Computational Economics, Vol. 2: Agent-Based Computational Economics," Staff General Research Papers 10368, Iowa State University, Department of Economics.
  15. Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-93, May.
  16. Mirowski, Philip, 2007. "Markets come to bits: Evolution, computation and markomata in economic science," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 209-242, June.
  17. Tesfatsion, Leigh, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Staff General Research Papers 12514, Iowa State University, Department of Economics.
  18. John Foster & Stan Metcalfe, 2009. "Evolution and economic complexity: an overview," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 18(7), pages 607-610.
  19. Colander, David C., 2008. "Economists, Incentives, Judgment, and Empirical Work," Economics Discussion Papers 2008-12, Kiel Institute for the World Economy.
  20. Cars H. Hommes, 2005. "Heterogeneous Agent Models in Economics and Finance," Tinbergen Institute Discussion Papers 05-056/1, Tinbergen Institute.
  21. Binmore, Ken & Shaked, Avner, 2010. "Experimental Economics: Where Next? Rejoinder," Journal of Economic Behavior & Organization, Elsevier, vol. 73(1), pages 120-121, January.
  22. Ng, Yew-Kwang, 1980. "Macroeconomics with Non-Perfect Competition," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 90(3593), pages 598-610, September.
  23. David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
  24. K. Vela Velupillai, 2007. "A Computable Economist’s Perspective on Computational Complexity," Department of Economics Working Papers 0723, Department of Economics, University of Trento, Italia.
  25. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
  26. Kam-Chau Wong & Marcel K. Richter, 1999. "Non-computability of competitive equilibrium," Economic Theory, Springer, Springer, vol. 14(1), pages 1-27.
  27. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
Full references (including those not matched with items on IDEAS)

Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Why criticize modern macro when you do not follow modern macro?
    by Economic Logician in Economic Logic on 2010-03-19 14:33:00
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Orlando Gomes, 2012. "Endogenous Heterogeneity, the Propagation of Information and Macroeconomic Complexity," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 6(1), pages 38-58, March.
  2. Lino Sau, 2013. "Instability and Crisis in Financial Complex Systems," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 25(3), pages 496-511, July.
  3. Mornati, Fiorenzo & Becchio, Giandomenica & Marchionatti, Roberto & Cassata, Francesco, 2009. ""Quando l'economica italiana non era seconda a nessuno" Luigi Einaudi e la Scuola di Economia a Torino," CESMEP Working Papers, University of Turin 200910, University of Turin.
  4. 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.
  5. Beaulier, Scott & Mixon, Franklin & Cebula, Richard, 2013. "Can't See the Tacking for the Trees? Try a Coasian Solution," MPRA Paper 56783, University Library of Munich, Germany.
  6. W. Brian Arthur, 2013. "Complexity Economics: A Different Framework for Economic Thought," INET Research Notes 33, Institute for New Economic Thinking (INET).
  7. Harper, David A. & Endres, Anthony M., 2012. "The anatomy of emergence, with a focus upon capital formation," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 352-367.

Lists

This item is featured on the following reading lists or Wikipedia pages:
  1. Economic Logic blog

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:mdl:mdlpap:1001. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vijaya Wunnava).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.