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The impossibility of an Effective Theory of Policy in a Complex Economy

  • K. Vela Velupillai

    (Department of Economics, National University of Ireland, Galway)

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    It is shown that for a `complex economy', characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an effective theory of policy.

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    Paper provided by National University of Ireland Galway, Department of Economics in its series Working Papers with number 0094.

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    Date of creation: 2005
    Date of revision: 2005
    Handle: RePEc:nig:wpaper:0094
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    1. D. Colander., 2009. "The Complexity Revolution and the Future of Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    2. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
    3. W. Fontana & L.W. Buss, 1996. "The Barrier of Objects: From Dynamical Systems to Bounded Organizations," Working Papers wp96027, International Institute for Applied Systems Analysis.
    4. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
    5. Finn Kydland & Edward C. Prescott, 1980. "A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy," NBER Chapters, in: Rational Expectations and Economic Policy, pages 169-198 National Bureau of Economic Research, Inc.
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