Complexity in Economics: an Up to Date View

La Complejidad en la Economía: una visión actualizada

Andrés Fernández Díaz ()
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Andrés Fernández Díaz: Departamento de Economía Aplicada III (Política Económica). Universidad Complutense de Madrid., https://www.ucm.es//departamento-de-economia-aplicada,-publica-y-politica

No 16-01, Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales

Abstract: It is well known that nonlinearity, economic dynamics, endogenity, and chaos, are some of the subjects closely related to complexity, and because of this all them must go on together towards a better knowledge of the behaviour of many systems in nature and society. It is for this reason that the progress and achievement as regard to the theory of complexity is reflected in related subjects, among which we emphasize the economic dynamics. Perhaps would be necessary a reconsideration of the idea or concept of complexity, especially if we are thinking in its relations with Economics. In this sense we try in this article to find a wider and open concept of complexity, taking into account that complex systems involves the integration of concepts from dynamics, information, computation, and evolution, and that as consequences of this integration would have to forge a new conceptual vocabulary and a new kind of mathematics. As an example we have chosen the analysis of capital market and time series, although there are many others works that have explored the potential applications of chaos theory to reveal “insights” into the structure and the dynamics of complex systems.

Keywords: Complex systems; complexity; economic dynamics; mathematics of chaos; computation; integration; capital market; time series.; Complejidad; sistemas complejos; nolinealidad; caos; computación; integración. Mercado de capitales; series temporales. (search for similar items in EconPapers)
Pages: 28 pages
Date: 2016
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