Linking complexity economics and systems thinking, with illustrative discussions of urban sustainability

Silviu Scrieciu (), Nici Zimmermann, Zaid Chalabi and Mike Davies

Cambridge Journal of Economics, 2021, vol. 45, issue 4, 695-722

Abstract: The expanding research of complexity economics has been signalling its preference for a formal quantitative investigation of diverse interactions between heterogeneous agents at the lower, micro-level resulting in emergent, realistic socioeconomic dynamics at the higher, macro-level. However, there is scarcity in research that explicitly links complexity perspectives in economics with the systems thinking literature, despite these being highly compatible, with strong connections and common historical traces. We aim to address this gap by exploring commonalities and differences between the two bodies of knowledge, seen particularly through an economics lens. We argue for a hybrid approach, in that agent-based complexity perspectives in economics could more closely connect to two main systems thinking attributes: a macroscopic approach to analytically capturing the complex dynamics of systems, and an inter-subjective interpretivist dimension, when investigating complex social-economic order. Illustrative discussions of city sustainability are provided, with an emphasis on decarbonisation and residential energy demand aspects.

Keywords: Complexity economics; Systems thinking; Sustainability (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (6)

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