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The Complexity Era in Economics

  • Richard Holt
  • J. Barkley Rosser
  • David Colander

This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a revolution. Instead, it has evolved out of the many strains of neoclassical work, along with work done by less orthodox mainstream and heterodox economists. It is only in its beginning stages. The article discusses the work that is forming the foundation of the complexity era, and how that work will likely change the way in which we understand economic phenomena and the economics profession.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09538259.2011.583820
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Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 23 (2011)
Issue (Month): 3 ()
Pages: 357-369

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Handle: RePEc:taf:revpoe:v:23:y:2011:i:3:p:357-369
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  11. David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
  12. David Colander (ed.), 2000. "The Complexity Vision and the Teaching of Economics," Books, Edward Elgar, number 1955, March.
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  20. Leigh Tesfatsion, 2006. "Agent-Based Computational Economics: A Constructive Approach to Economic Theory," Computing in Economics and Finance 2006 527, Society for Computational Economics.
  21. K. Vela Velupillai, 2007. "A Computable Economist’s Perspective on Computational Complexity," Department of Economics Working Papers 0723, Department of Economics, University of Trento, Italia.
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  29. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
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