Bounded Heresies. Early intuitions of complexity in economics

Francisco Louçã ()

History of Economic Ideas, 2010, vol. 18, issue 2, 77-114

Abstract: The paper investigates some early discussions on the nature of complexity in economics, from the neoclassical revolution of the 1870s. Some of these arguments were put forward by discontent economists ( Jevons and Marshall), others by suspicious philosophers (Schumpeter): in every case, economics was presented as a social science investigating human interaction. Keynes and his implicit debates with Schumpeter are also presented as a continuation of these suggestions. Finally, the influence of biology and namely of Darwinism on economics is briefly surveyed, since it constitutes the dominant reference to the properties of evolution and self-organization in open systems, as some economists noticed.

Date: 2010
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