IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/75636.html
   My bibliography  Save this paper

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

Author

Listed:
  • Gräbner, Claudius

Abstract

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.

Suggested Citation

  • Gräbner, Claudius, 2016. "The complementary relationship between institutional and complexity economics: The example of deep mechanismic explanations," MPRA Paper 75636, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:75636
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/75636/1/MPRA_paper_75636.pdf
    File Function: original version
    Download Restriction: no

    File URL: https://mpra.ub.uni-muenchen.de/77091/1/MPRA_paper_77091.pdf
    File Function: revised version
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    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. repec:mes:jeciss:v:49:y:2015:i:2:p:433-440 is not listed on IDEAS
    7. 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, Taylor & Francis Journals, vol. 46(1), pages 1-44.
    8. Claudius Gräbner & Jakob Kapeller, 2015. "New Perspectives on Institutionalist Pattern Modeling: Systemism, Complexity, and Agent-Based Modeling," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(2), pages 433-440, April.
    9. Myrdal, Gunnar, 1973. "Equity and growth," World Development, Elsevier, vol. 1(11), pages 43-47, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Evolutionary-Institutional economics; Philosophy of science; Systemism; Agent-Based Computational Economics; Complexity Economics;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:75636. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.