The impossibility of an Effective Theory of Policy in a Complex Economy
AbstractIt is shown that for a `complex economy', characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an effective theory of policy.
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Bibliographic InfoPaper provided by National University of Ireland Galway, Department of Economics in its series Working Papers with number 0094.
Date of creation: 2005
Date of revision: 2005
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More information through EDIRC
Theory of Policy; Dynamical System; Computation Universality; Recursive Rule; Complex Economy;
Other versions of this item:
- K. Vela Velupillai, 2005. "The impossibility of an effective theory of policy in a complex economy," Department of Economics Working Papers 0514, Department of Economics, University of Trento, Italia.
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
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- K. Vela Velupillai, 2012. "The Relevance of Computation Irreducibility as Computation Universality in Economics," ASSRU Discussion Papers 1212, ASSRU - Algorithmic Social Science Research Unit.
- Koppl, Roger, 2010. "Some epistemological implications of economic complexity," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 859-872, December.
- Stefano Zambelli, 2012. "Dynamical Coupling, Nonlinear Accelerator and the Persistence of Business Cycles," ASSRU Discussion Papers 1214, ASSRU - Algorithmic Social Science Research Unit.
- K. Vela Velupillai, 2011. "Computable and Dynamical Systems Foundations of Bounded Rationality and Satisficing," ASSRU Discussion Papers 1116, ASSRU - Algorithmic Social Science Research Unit.
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