 Economics in an unstable world. Chapter 25 in The Atlas of Social Complexity, 2024, pp 363-374 from Edward Elgar Publishing Abstract: The premise of complexity economics is as simple as it is powerful: while neoclassical economics essentially assumes equilibriums as the natural state of an economy, complexity economics assumes nonequilibrium states because economies are essentially open systems and therefore prone to continuous interaction with their environment. As simple as this premise is, it slashes away one of the main pillars underneath conventional economics. Given the importance of conventional economics, and its impact on society, we survey what scholars in complexity economics claim in response to conventional economics. This is what the chapter is about. We review the arguments in favour of a complexity approach to economics, with special focus on the economy as a complex adaptive system, the role of agency, and the networked nature of economic systems. We also review the progress that has been made in measuring and indexing the levels of complexity in economies, that is, economic complexity. Keywords: Development Studies; Economics and Finance; Environment; Geography; Innovations and Technology; Politics and Public Policy Research Methods; Sociology and Social Policy; Teaching Methods; Urban and Regional Studies (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:19387_25 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.