Economic Complexity and the Role of Markets
When used in those spheres of life where attaching a price tag or making an economic calculus is impossible or loses any meaning, markets usually under perform and disappoint. In addition to empirical shortcomings of markets, the unrealistic theoretical assumption and poor predictive and explanatory value of neoclassical equilibrium theory provides fertile ground for critics of the institution of markets. Complexity theory provides a theoretical framework that enables us to analyze the role of markets from a radically different perspective than that offered by neoclassical equilibrium theory and, therefore, to reach very different conclusions about the role of markets in industrialized economies.
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