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The impossibility of an effective theory of policy in a complex economy

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  • K. Vela Velupillai

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    Abstract

    It 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 Info

    Paper provided by Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0514.

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    Date of creation: 2005
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    Handle: RePEc:trn:utwpde:0514

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    Related research

    Keywords: theory of policy; dynamical system; computation universality; recursive rule; complex economy;

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    1. David Colander, 2003. "The Complexity Revolution and the Future of Economics," Middlebury College Working Paper Series 0319, Middlebury College, Department of Economics.
    2. W. Fontana & L.W. Buss, 1996. "The Barrier of Objects: From Dynamical Systems to Bounded Organizations," Working Papers wp96027, International Institute for Applied Systems Analysis.
    3. Finn Kydland & Edward C. Prescott, 1980. "A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy," NBER Chapters, in: Rational Expectations and Economic Policy, pages 169-198 National Bureau of Economic Research, Inc.
    4. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
    5. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
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    Cited by:
    1. K. Vela Velupillai, 2011. "Computable and Dynamical Systems Foundations of Bounded Rationality and Satisficing," ASSRU Discussion Papers 1116, ASSRU - Algorithmic Social Science Research Unit.
    2. Stefano Zambelli, 2012. "Dynamical Coupling, Nonlinear Accelerator and the Persistence of Business Cycles," ASSRU Discussion Papers 1214, ASSRU - Algorithmic Social Science Research Unit.
    3. Koppl, Roger, 2010. "Some epistemological implications of economic complexity," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 859-872, December.
    4. K. Vela Velupillai, 2012. "The Relevance of Computation Irreducibility as Computation Universality in Economics," ASSRU Discussion Papers 1212, ASSRU - Algorithmic Social Science Research Unit.

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