The Complexity Revolution and the Future of Economics
The paper considers the change in theoretical and empirical research in modern economics. This change is driven by the emergence of new theoretical approaches associated with the complexity theory and behavioral economics. The author shows that in future economists will reject some basic assumptions of neoclassical economics and adopt many different interdisciplinary approaches in order to study concrete economic problems. These gradual transformations should considerably change the structure of economic knowledge. Formal modeling will be of minor importance and will give place to more applied fields of research.
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- Daniel J. Benjamin & David I. Laibson, 2003. "Good policies for bad governments: behavioral political economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).