Complexity Economic Resources 2018-04-22T19:01:00+00:00

Complexity Economics Research (12)

  • What Should Policymakers Know About Economic Complexity?

    What Should Policymakers Know About Economic Complexity?

    This essay is written with two goals. The first is to outline the main ideas underlying the growing study of complex economic environments. The second is to suggest areas of public policy where those ideas might be important. Both goals are necessarily speculative. The study of complex systems, whether natural or social, is still in its infancy.

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  • Path Dependence: ‘Historical Economics’

    Path Dependence: ‘Historical Economics’
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    The concept of path dependence refers to a property of contingent, non-reversible dynamical processes, including a wide array of biological and social processes that can properly be described as ‘evolutionary’. To dispel existing confusions in the literature, and clarify the meaning and significance of path dependence for economists…

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  • Economic Networks: What Do We Know?

    Economic Networks: What Do We Know?

    We examine the emergent field of economic networks and explore its ability to shed light on the global and volatile economy where credit, ownership, innovation, investment, and virtually every other economic activity is carried at a scale and scope that respects no geographical, organizational, or political boundaries.

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  • From Simplistic to Complex Systems in Economics

    From Simplistic to Complex Systems in Economics

    The applicability of complex systems theory in economics is evaluated and compared with standard approaches to economic theorizing based upon constrained optimization. A complex system is defined in the economic context and differentiated from complex systems in physiochemical and biological settings.

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  • Complexity Economics: A Different Framework for Economic Thought

    Complexity Economics: A Different Framework for Economic Thought

    This paper provides a logical framework for complexity economics. Complexity economics builds from the proposition that the economy is not necessarily in equilibrium: economic agents (firms, consumers, investors) constantly change their actions and strategies in response to the outcome they mutually create.

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  • Fundamentals of Complex Evolving Systems

    Fundamentals of Complex Evolving Systems

    Complex Evolving Systems (CES) are definitely not everyone´s bag – they are certainly not on the menu list of the favourite subjects of so-called “Mainstream Economics”. There are reasons for that, but they are not good enough. Therefore, this Primer is intended to help economists cover a deficit in understanding which is not only glaring but – given the current state of the world – has become patently unacceptable.

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  • Why is Economics not a Complex Systems Science?

    Why is Economics not a Complex Systems Science?

    Economics is viewed as a discipline that is mainly concerned with ‘simplistic’ theorizing, centered upon constrained optimization. As such, it is ahistorical and outcome focused, ie, it does not deal with economic processes. It is argued that all parts of the economy are inhabited by complex adaptive systems operating in complicated historical contexts and that this should be acknowledged at the core of economic analysis.

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  • The Stock Market as a Complex Adaptive System

    The Stock Market as a Complex Adaptive System

    It is time to shift the emphasis of the debate about market efficiency. Most academics and practitioners agree that markets are efficient by a reasonable operational criterion: there is no systematic way to exploit opportunities for superior gains.

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  • Rethinking Economics Using Complexity Theory

    Rethinking Economics Using Complexity Theory

    In this paper we argue that if we want to find a more satisfactory approach to tackling the major socio-economic problems we are facing, we need to thoroughly rethink the basic assumptions of macroeconomics and financial theory. Making minor modifications to the standard models to remove “imperfections” is not enough, the whole framework needs to be revisited.

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  • The Building Blocks of Economic Complexity

    The Building Blocks of Economic Complexity

    For Adam Smith, wealth was related to the division of labor. As people and firms specialize in different activities, economic efficiency increases, suggesting that development is associated with an increase in the number of individual activities and with the complexity that emerges from the interactions between them.

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  • Economic Complexity and Human Development

    Economic Complexity and Human Development

    This book combines the human development approach and innovation economics in order to explore the effects that structural economic change has on human development. While economic diversification can provide valuable new social choices and capabilities, it also tends to lead to more complex decision processes and changes to the set of capabilities required by people to self-determine their future.

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  • The Nature of Heterodox Economics

    The Nature of Heterodox Economics
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    Recent years have seen the emergence of numerous activities in economics identified first and foremost as heterodox. For example 1999 witnessed the formation of the Association for Heterodox Economics (AHE), an organisation that now sponsors an annual conference, postgraduate training workshops and more

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Complexity Economics course (1)

  • Oxford Summer School in Economic Networks

    Oxford Summer School in Economic Networks

    The Oxford Summer School in Economic Networks will bring together students from a range of disciplines for a week to learn about the techniques, applications and impact of network theory in economics and development. We will have globally leading experts guide lectures and interactive workshops on topics such as social networks, games and learning, financial networks, economic complexity and urban systems.

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Complexity Economics Books (4)

  • The Origin of Wealth

    The Origin of Wealth

    Over 6.4 billion people participate in a $36.5 trillion global economy, designed and overseen by no one. How did this marvel of self-organized complexity evolve? How is wealth created within this system? And how can wealth be increased for the benefit of individuals, businesses, and society? In The Origin of Wealth, Eric D. Beinhocker argues that modern science provides a radical perspective on these age-old questions, with far-reaching implications.

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  • Complexity and the Economy

    Complexity and the Economy
    1

    Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on.

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  • Complexity in Economics

    Complexity in Economics

    In this book, leading experts discuss innovative components of complexity theory and chaos theory in economics. The underlying perspective is that investigations of economic phenomena should view these phenomena not as deterministic, predictable and mechanistic but rather as process dependent, organic and always evolving. The aim is to highlight the exciting potential of this approach in economics and its ability to overcome the limitations of past research and offer important new insights.

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  • The Microeconomics of Complex Economies

    The Microeconomics of Complex Economies

    The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset.

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Complexity Economics Videos (11)

  • Using Networks to Revolutionise Economic Theory and Policy

    Using Networks to Revolutionise Economic Theory and Policy

    Using Networks to Revolutionise Economic Theory and Policy

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  • Dirk Helbing: Rethinking Economics Based on Complexity Theory

    Dirk Helbing: Rethinking Economics Based on Complexity Theory

    Dirk Helbing: Rethinking Economics Based on Complexity Theory Talk given at the Latsis Symposium 2012 "Economics on the Move" in Zurich, see

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  • Stephen Marglin Heterodox Economics

    Stephen Marglin Heterodox Economics

    "Heterodox Economics: Alternatives to Mankiw's Ideology" Stephen Marglin, Walter Barker Professor of Economics, Faculty of Arts and Sciences, Harvard University

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  • What is Heterodox Economics

    What is Heterodox Economics

    Excerpts from the Faculty Panel Discussion: "Vision in Heterodox Economics", Economics Department, Graduate Faculty, New School for Social Research

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  • Secrets of Economic Growth | Ricardo Hausmann

    Secrets of Economic Growth | Ricardo Hausmann

    Economic Complexity is like a game of Scrabble, says Ricardo Hausmann. The more letters you have, the more words you can make; the more capabilities a country has, the more diverse products it can generate. In this video for the World Economic Forum Hausmann, from the Harvard Kennedy School of Government, uses metaphors and metrics to explain the gap between rich and poor countries.

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  • Herbert Simon Talks on Bounded Tationality

    Herbert Simon Talks on Bounded Tationality

    One of the most important social scientist of the second half of the twentieth century. He is known mainly as the creator of the concept of bounded rationality.

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  • "CRASH COURSE" in Ecological Economics

    What exactly is Ecological Economics? How does it differ from mainstream economics, and what does it aim to accomplish in today's world? Similar to a "crash course", this video was created for the purpose of addressing these questions in a direct and comprehensive manner, as well as to highlight the principles that lie at the root of Jon Erickson's research, teaching, and outreach activities.

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  • Gerd Gigerenzer - Bounded Rationality

    Gerd Gigerenzer - Bounded Rationality

    Gerd Gigerenzer talks about bounded rationality

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  • Doyne Farmer: Taking Stock of Complexity Economics

    Doyne Farmer: Taking Stock of Complexity Economics

    Doyne Farmer, Professor at Santa Fe Institute speaking at the breakout panel entitled "Taking Stock of Complexity Economics: Which Problems Does It Illuminate?" at the Institute for New Economic Thinking's

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  • Brian Arthur: Complexity in Economic Theory

    Brian Arthur: Complexity in Economic Theory

    Brian Arthur, External Professor at the Santa Fe Institute, speaking as part of the panel Exploring Complexity in Economic Theory at INET's Bretton Woods Conference on April 10, 2011.

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  • Eric Beinhocker: Complexity in Economic Theory

    Eric Beinhocker: Complexity in Economic Theory

    ric Beinhocker, Senior Fellow at McKinsey and Company, is the moderator to this session on complexity in economic theory at INET's Bretton Woods Conference on April 10, 2011. Brian Arthur, Ian Goldin, and Thomas Homer Dixon speak after him.

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