Institutional dynamics in an economy seen as a complex adaptive system

Miguel Vazquez

No 104, IEFE Working Papers from IEFE, Center for Research on Energy and Environmental Economics and Policy, Universita' Bocconi, Milano, Italy

Abstract: The primary objective of this paper is to study the role of institutions evolution assuming that economies are generally out of equilibrium. The focus is developing a logical framework that allows describing economies as complex adaptive systems. This will allow deducing the uncertainty inherent to the economy as a consequence of system characteristics (instead of assuming it as hypothesis). Thus, it will be possible to characterize adaptation from fundamental properties of the system. As institutions are mechanisms to facilitate adaptation, the paper will provide a fundamental description of the functioning and logic for institutions within complex adaptive systems.

Keywords: Complex adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty (search for similar items in EconPapers)
JEL-codes: B5 D02 D8 O3 (search for similar items in EconPapers)
Pages: 21
Date: 2018
New Economics Papers: this item is included in nep-hme and nep-pke
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