The impossibility of an effective theory of policy in a complex economy
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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- David Colander, 2003.
"The Complexity Revolution and the Future of Economics,"
Middlebury College Working Paper Series
0319, Middlebury College, Department of Economics.
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- Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
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