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Complexity Theory And Hayekian Natural Order

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  • CRISTINA STELIANA CIOTE

Abstract

Although it is a relatively new subject discussed worldwide by economic researchers, the complexity paradigm invites us to make ample incursions in time in order to understand the substantial differences between the optics of standard economic theory and the holistic approach of the new economy. For hundreds of years the ideas regarding economic systems have continuously refined themselves. By making an incursion in the history of economic thought, concepts such as ‘the invisible hand’ or ‘spontaneous order’ are brought to light, concepts which have no purpose but that of capturing the self-organizing characteristic of economic systems and their unique structure based on autonomous agents, features particular only to complex systems.

Suggested Citation

  • Cristina Steliana Ciote, 2011. "Complexity Theory And Hayekian Natural Order," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 3(3 (Novemb), pages 411-417.
  • Handle: RePEc:shc:jaresh:v:3:y:2011:i:3:p:411-417
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    More about this item

    Keywords

    natural order; complexity theory; holistic view; complex systems;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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