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Capitalism as a Complex Evolving System

Listed author(s):
  • David Colander

    ()

    (Middlebury College)

Economies are often classified into polar divisions—socialist, capitalist, communist. That approach is not especially useful. Successful systems are by nature pragmatic, and they evolve into blended pragmatic systems that quickly move out of any pre-specified space. Accepting that all systems are pragmatic has significant implications for economic thinking; for example, it suggests that economist’s tendency to see the economy and government as separate and not co-evolving intertwined systems mischaracterizes the policy problems facing society. The paper briefly outlines the policy implications of seeing the economy as a complex evolving system, arguing an important policy goal of government is to set up an ecostructure that helps individuals achieve their ethically acceptable desires and goals for a life well lived. Theoretical debates about market vs. government do little to further that goal.

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File URL: http://ekonomitek.org/pdffile/no7_08_david_colander.pdf
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Article provided by Turkish Economic Association in its journal Ekonomi-tek.

Volume (Year): 3 (2014)
Issue (Month): 1 (January)
Pages: 13-22

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Handle: RePEc:tek:journl:v:3:y:2014:i:1:p:13-22
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  1. Mill, John Stuart, 1848. "Principles of Political Economy (II): Distribution," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number mill1848-2.
  2. David Colander & Roland Kupers, 2014. "Complexity and the Art of Public Policy: Solving Society’s Problems from the Bottom Up," Economics Books, Princeton University Press, edition 1, number 10207, June.
  3. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
  4. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
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