Is the economy a complex system in eternal disequilibrium?

Diego Ávila ()
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Diego Ávila: Universidad Nacional de Colombia

No 20904, Ensayos de Economía from Universidad Nacional de Colombia Sede Medellín

Abstract: This article presents a general discussion of some of the reasons for believing that an economy would be better framed in the theory of complex (organic) systems than in the theory of mechanical systems of the dominant neoclassical school. Complex systems are characterized here by heterogeneous units that interact with each other, with non-linear trajectories, positive feedbacks, co-creation of regularities, non-ergodicity of the system and constant evolution. Financial and urban systems are analyzed as examples of economic problems that present these characteristics.

Keywords: real world economics; disequilibrium; collective decision; making; Economía del mundo real; desequilibrio; toma colectiva de decisiones (search for similar items in EconPapers)
JEL-codes: B59 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2023-02-10
New Economics Papers: this item is included in nep-ger, nep-hme and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:col:000418:020904

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