The impossibility of an Effective Theory of Policy in a Complex Economy

K. Vela Velupillai
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K. Vela Velupillai: Department of Economics, National University of Ireland, Galway

No 94, Working Papers from National University of Ireland Galway, Department of Economics

Abstract: It is shown that for a `complex economy', characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an effective theory of policy.

Keywords: Theory of Policy; Dynamical System; Computation Universality; Recursive Rule; Complex Economy (search for similar items in EconPapers)
JEL-codes: C60 E60 E61 E69 (search for similar items in EconPapers)
Date: 2005, Revised 2005
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