Capitalism as a Complex Evolving System

David Colander

Ekonomi-tek - International Economics Journal, 2014, vol. 3, issue 1, 13-22

Abstract: Economies are often classified into polar divisions—socialist, capitalist, communist. That approach is not especially useful. Successful systems are by nature pragmatic, and they evolve into blended pragmatic systems that quickly move out of any pre-specified space. Accepting that all systems are pragmatic has significant implications for economic thinking; for example, it suggests that economist’s tendency to see the economy and government as separate and not co-evolving intertwined systems mischaracterizes the policy problems facing society. The paper briefly outlines the policy implications of seeing the economy as a complex evolving system, arguing an important policy goal of government is to set up an ecostructure that helps individuals achieve their ethically acceptable desires and goals for a life well lived. Theoretical debates about market vs. government do little to further that goal.

Keywords: Complexity; economic systems; capitalism; socialism; government policy (search for similar items in EconPapers)
JEL-codes: L2 O2 P1 P2 P4 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:tek:journl:v:3:y:2014:i:1:p:13-22

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