Grounding Complexity Economics in Framing Modern Governance

Olivér Kovács ()
Additional contact information
Olivér Kovács: National Univesrity of Public Service, Faculty of Public Governance and International Studies, Department of Economics and International Economics

Acta Oeconomica, 2019, vol. 69, issue 4, 571-594

Abstract: This paper addresses the hottest potato of economics today, namely why the profession seems to have been lulled into a sense of false security in spite of flourishing economic models as well as subfield-knowledge in various disciplines? The embarrassing question of the Queen of England ‘why did nobody see the crisis of 2008 coming’ emblematically signalled the failure of the collective imagination of the entire profession to understand the system and its emerging patterns. The present paper can be seen therefore as a clarion call for grounding a shift towards an economics barded with the lessons learnt in complexity science in shaping modern governance.

Keywords: complexity; complex system; uncertainty; economic governance (search for similar items in EconPapers)
JEL-codes: B10 D8 E60 H00 P50 (search for similar items in EconPapers)
Date: 2019
Note: This paper was supported by the János Bólyai Research Scholarship of the Hungarian Academy of Sciences and by the UNKP-19-4-NKE-2 New Excellence Program of the Ministry for Innovation and Technology.
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.akademiai.com/doi/pdf/10.1556/032.2019.69.4.5 (application/pdf)
subscription

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aka:aoecon:v:69:y:2019:i:4:p:571-594

Ordering information: This journal article can be ordered from
Akadémiai Kiadó Zrt., P. O. Box 245, H-1519 Budapest, Hungary
https://akjournals.com/

Access Statistics for this article

Acta Oeconomica is currently edited by Mihályi, Péter

More articles in Acta Oeconomica from Akadémiai Kiadó, Hungary
Bibliographic data for series maintained by Kriston, Orsolya ().