Emergence and complexity in Austrian economics

J. Barkley Rosser

Journal of Economic Behavior & Organization, 2012, vol. 81, issue 1, 122-128

Abstract: Emergence is often argued to be a deep property of complex systems, with such systems exhibiting wholes that are in some way greater than the sum of their parts. These ideas have played an important part in discussions of spontaneous order within Austrian economics, particularly by Hayek drawing on arguments dating from Mill and Menger, although with other traditions such as that of Böhm-Bawerk not relying on such ideas. Philosophical discussions of these terms are considered that raise questions about the relationship between the emergent whole and the lower level parts that comprise it. A major issue is the role of these ideas and processes within evolution, with Hayek in particular moving strongly towards identifying their linkage, something advocated by many non-Austrian economists and non-economists as well.

Keywords: Austrian economics; Complexity; Emergence; Evolution; Nomological supervenience (search for similar items in EconPapers)
JEL-codes: B25 C69 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:81:y:2012:i:1:p:122-128

DOI: 10.1016/j.jebo.2011.09.001

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