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The Santa Fe Perspective on economics: emerging patterns in the science of complexity

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  • Magda Fontana

    (University of Turin - Department of Economics «S. Cognetti de Martiis»)

Abstract

The complexity approach to economics largely originated from the «Santa Fe Perspective»: the view of a group of scientists working in the Economics Program (1988- 2004) at the Santa Fe Institute for the Study of Complex Systems (hereafter sfi).1 This paper tells the story of the Santa Fe Perspective, traces its relation with other ideas that emerged at sfi in this seminal period, and concludes with some reflections on the current state of complexity theory in economics. I divide the life of the Economics Program in three periods roughly corresponding to the three Workshops (1987, 1996, 2001) dedicated to The Economy as an Evolving Complex System. Each of them reflects a stage in the development of the Santa Fe Perspective, characterized by a particular constellation of attitudes, ideas and objectives: the weakly heterodox, the strongly heterodox and the synthesis periods. These labels reflect the prevailing orientation towards neoclassical economics which seems to be on the one hand, a core concern for the directors of the Economics Program, and, on the other hand, a central issue for the relevance of complexity to economic theory.

Suggested Citation

  • Magda Fontana, 2010. "The Santa Fe Perspective on economics: emerging patterns in the science of complexity," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 167-196.
    • Handle: RePEc:hid:journl:v:18:y:2010:2:7:p:167-196
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    Cited by:

    1. Mihályi, Péter, 2013. "Kornai János Anti-equilibriuma mint az evolúciós közgazdaságtan szellemi előfutára [János Kornai's Anti-Equilibrium as an intellectual forerunner of evolutionary economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 282-289.
    2. Ananyin, O., 2024. "Economic science: The challenge of fragmentation," Journal of the New Economic Association, New Economic Association, vol. 63(2), pages 193-210.
    3. Fang Wu & Junhai Ma, 2023. "Research Trend, Logical Structure and Outlook on Complex Economic Game," Mathematics, MDPI, vol. 11(5), pages 1-16, February.
    4. Magda Fontana, 2014. "Pluralism(s) in economics: lessons from complexity and innovation. A review paper," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 189-204, January.
    5. Gilles Campagnolo & Gilbert Tosi, 2016. "Organic Views on Institutions: Has Carl Menger Anticipated Complex Adaptive Systems? [La conception organique des institutions de Carl Menger a-t-elle anticipé ce qu’est un système adaptatif comple," Post-Print hal-01446223, HAL.
    6. Romain Plassard, 2020. "Making a Breach: The Incorporation of Agent-Based Models into the Bank of England's Toolkit," GREDEG Working Papers 2020-30, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    7. Nicolas Petit & Thibault Schrepel, 2023. "Correction to: complexity minded antitrust," Journal of Evolutionary Economics, Springer, vol. 33(2), pages 571-571, April.
    8. Muriel Dal-Pont Legrand & Alexandre Truc, 2022. "Agent-Based Models: impact and interdisciplinary influences in economics," Working Papers halshs-04832295, HAL.
    9. 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.
    10. Gunnar Eliasson, 2018. "Why Complex, Data Demanding and Difficult to Estimate Agent Based Models? Lessons from a Decades Long Research Program," International Journal of Microsimulation, International Microsimulation Association, vol. 11(1), pages 4-60.
    11. Antonietti, Roberto & Franco, Chiara, 2021. "From FDI to economic complexity: a panel Granger causality analysis," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 225-239.

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