Complexity economics

This article is about the application of complexity science to the problems of economics. For its application to strategy, see Complexity theory and organizations. For other uses, see Complexity theory (disambiguation).
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Complexity economics is the application of complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory. While it does not reject the existence of an equilibrium, it sees such equilibria as "a special case of nonequilibrium", and as an emergent property resulting from complex interactions between economic agents.[1][2][3] The complexity science approach has also been applied to computational economics.[4]

  1. ^ W. Brian Arthur, Complexity and the Economy, Oxford: Oxford Economic Press, 2015
  2. ^ Beinhocker, Eric D. The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Boston, Massachusetts: Harvard Business School Press, 2006.
  3. ^ Arthur, W. Brian (February 2021). "Foundations of complexity economics". Nature Reviews Physics. 3 (2): 136–145. doi:10.1038/s42254-020-00273-3. ISSN 2522-5820. PMC 7844781. PMID 33728407.
  4. ^ Rosser, J. Barkley Jr. (2021). Foundations and Applications of Complexity Economics. Springer Nature. doi:10.1007/978-3-030-70668-5. ISBN 978-3-030-70667-8. S2CID 241425325.