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Is the economy a complex system in eternal disequilibrium?

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  • Ávila, Diego

    (Universidad Nacional de Colombia)

Abstract

This article presents a general discussion of some of the reasons for believing that an economy would be better framed in the theory of complex (organic) systems than in the theory of mechanical systems of the dominant neoclassical school. Complex systems are characterized here by heterogeneous units that interact with each other, with non-linear trajectories, positive feedbacks, co-creation of regularities, non-ergodicity of the system and constant evolution. Financial and urban systems are analyzed as examples of economic problems that present these characteristics.

Suggested Citation

  • Ávila, Diego, 2023. "Is the economy a complex system in eternal disequilibrium?," Ensayos de Economía 20904, Universidad Nacional de Colombia Sede Medellín.
    • Handle: RePEc:col:000418:020904
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    File URL: https://revistas.unal.edu.co/index.php/ede/article/view/99454
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    More about this item

    Keywords

    real world economics; disequilibrium; collective decision; making; Economía del mundo real; desequilibrio; toma colectiva de decisiones;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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