Institutional dynamics in an economy seen as a complex adaptive system

Miguel Vazquez, Gustavo Andreão and José Maria F.J. da Silveira

Chapter 5 in Handbook on Institutions and Complexity, 2025, pp 83-104 from Edward Elgar Publishing

Abstract: The primary objective of this chapter is to study the role of institutional evolution, assuming that economies are generally out of equilibrium. The focus is on developing a logical framework that allows the description of economies as complex adaptive systems. This will allow the uncertainty inherent in the economy to be deduced as a consequence of system characteristics (instead of assuming it as a hypothesis). Thus, it will be possible to characterize adaptation from the fundamental properties of the system. As institutions are mechanisms to facilitate adaptation, the chapter will provide a fundamental description of the functioning and logic of institutions within complex adaptive systems.

Keywords: Complex adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035309719
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