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The impossibility of an effective theory of policy in a complex economy

  • K. Vela Velupillai

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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 Department of Economics, University of Trento, Italia in its series Department of Economics Working Papers with number 0514.

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    Date of creation: 2005
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    Handle: RePEc:trn:utwpde:0514
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    1. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
    2. 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.
    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. D. Colander., 2009. "The Complexity Revolution and the Future of Economics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 1.
    5. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-63, May.
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