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Complexity, economics, and public policy

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  • Steven N. Durlauf

Abstract

This article considers the implications of complex systems models for the study of economics and the evaluation of public policies. I argue that complexity can enhance current approaches to formal economic analysis, but does so in ways that complement current approaches. I further argue that while complexity can influence how public policy analysis is conducted, it does not delimit the use of consequentialist approaches to policy comparison to the degree initially suggested by Hayek and most recently defended by Gaus.

Suggested Citation

  • Steven N. Durlauf, 2012. "Complexity, economics, and public policy," Politics, Philosophy & Economics, , vol. 11(1), pages 45-75, February.
    • Handle: RePEc:sae:pophec:v:11:y:2012:i:1:p:45-75
    DOI: 10.1177/1470594X11434625
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    11. Jovanovic, Franck & Schinckus, Christophe, 2017. "Econophysics and Financial Economics: An Emerging Dialogue," OUP Catalogue, Oxford University Press, number 9780190205034.
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    14. Philip Haynes & David Alemna, 2022. "A Systematic Literature Review of the Impact of Complexity Theory on Applied Economics," Economies, MDPI, vol. 10(8), pages 1-23, August.
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