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The Complexity Era in Economics

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  • 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.

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File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/1001.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 1001.

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Length: 23 pages
Date of creation: Jan 2010
Date of revision:
Handle: RePEc:mdl:mdlpap:1001

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  1. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages F159-F192, 06.
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  3. Hommes, Cars H., 2006. "Heterogeneous Agent Models in Economics and Finance," Handbook of Computational Economics, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 23, pages 1109-1186 Elsevier.
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  10. David Colander & Ric Holt & Barkley Rosser, 2003. "The Changing Face of Mainstream Economics," Middlebury College Working Paper Series 0327, Middlebury College, Department of Economics.
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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
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Cited by:
  1. Sau Lino, 2010. "Instability and crisis in financial complex systems," CESMEP Working Papers 201001, University of Turin.
  2. 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.
  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 200910, University of Turin.
  4. 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, vol. 6(1), pages 38-58, March.
  5. W. Brian Arthur, 2013. "Complexity Economics: A Different Framework for Economic Thought," INET Research Notes 33, Institute for New Economic Thinking (INET).
  6. 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.
  7. 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.

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