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The complementary relationship between institutional and complexity economics: The example of deep mechanismic explanations

Listed author(s):
  • Gräbner, Claudius

Analyzing economic systems from an evolutionary-institutional or a complexity perspective are two complementary approaches to economic inquiry. Three arguments in favor of this hypothesis are discussed: (i) eminent institutional economists have considered the economy as what today could be considered a complex system; (ii) complexity economists lack meta-theoretical foundations which could be provided by institutionalist theory; (iii) institutional economists could benefit from using methods of complexity economics. In this context I argue that scholars considering the economy to be complex should seek to explain it by discovering social mechanisms instead of focusing on prediction. For the discrimination between alternative explanations, scholars should refer to the deepness of an explanation, rather than to Occam’s razor.

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File URL: https://mpra.ub.uni-muenchen.de/75636/1/MPRA_paper_75636.pdf
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File URL: https://mpra.ub.uni-muenchen.de/77091/1/MPRA_paper_77091.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 75636.

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Date of creation: 15 Dec 2016
Handle: RePEc:pra:mprapa:75636
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  1. Angus Deaton, 2010. "Instruments, Randomization, and Learning about Development," Journal of Economic Literature, American Economic Association, vol. 48(2), pages 424-455, June.
  2. Claudius Graebner & Jakob Kapeller, 2015. "The Micro-Macro Link in Heterodox Economics," ICAE Working Papers 37, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
  3. Alessio Moneta & Federica Russo, 2014. "Causal models and evidential pluralism in econometrics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(1), pages 54-76, March.
  4. Geoffrey M. Hodgson, 2006. "Economics in the Shadows of Darwin and Marx," Books, Edward Elgar Publishing, number 3925.
  5. Witt, Ulrich, 2010. "Symbolic consumption and the social construction of product characteristics," Structural Change and Economic Dynamics, Elsevier, vol. 21(1), pages 17-25, March.
  6. Wolfram Elsner, 2012. "The Theory of Institutional Change Revisited: The Institutional Dichotomy, Its Dynamic, and Its Policy Implications in a More Formal Analysis," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(1), pages 1-44.
  7. Gräbner, Claudius & Kapeller, Jakop, 2015. "New Perspectives on Institutionalist Pattern Modeling: Systemism, Complexity, and Agent-Based Modeling," MPRA Paper 77334, University Library of Munich, Germany.
  8. Myrdal, Gunnar, 1973. "Equity and growth," World Development, Elsevier, vol. 1(11), pages 43-47, November.
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