Abstract rules for complex systems

Mario J. Rizzo ()
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Mario J. Rizzo: New York University

European Journal of Law and Economics, 2021, vol. 52, issue 2, No 2, 209-227

Abstract: Abstract This article addresses the question—What is the structure of rules required to undergird a complex dynamic system of actions such as the market economy? The idea of simplicity does not adequately highlight the particular characteristics that the rules must possess. Instead, this article explores the key requirement of abstractness. This is a multifaceted concept. It manifests itself in the abstract formulation of the antecedent clause in rules, and in ends-independence, decomposability, and generality. These requirements do not directly influence the size or scope of the state but they may indirectly do so by precluding certain forms of intervention.

Keywords: Rules; Abstractness; Complexity; Stability; Predictability (search for similar items in EconPapers)
JEL-codes: K00 K10 K40 P10 P16 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s10657-020-09679-x

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