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

Author

Listed:
  • K. Vela Velupillai

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

Abstract

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.

Suggested Citation

  • K. Vela Velupillai, 2005. "The impossibility of an Effective Theory of Policy in a Complex Economy," Working Papers 0094, National University of Ireland Galway, Department of Economics, revised 2005.
    • Handle: RePEc:nig:wpaper:0094
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=101
    File Function: First version, 2005
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=101
    File Function: Revised version, 2005
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    More about this item

    Keywords

    Theory of Policy; Dynamical System; Computation Universality; Recursive Rule; Complex Economy;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other

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