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The Confused State of Complexity Economics: An Ontological Explanation

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Complexity Hints for Economic Policy

Part of the book series: New Economic Windows ((NEW))

Abstract

‘Complexity’ ideas are becoming a hot issue in economics. Originally developed within the natural sciences, complexity theory is now believed by many to be a novel and powerful framework of thought, capable of challenging the fundamental principles sustained by mainstream economics for more than a century. One of its main advocates, David Colander (2000a:31), has written that “Complexity changes everything; well, maybe not everything, but it does change quite a bit in economics”. Also, in a recent issue of a popular scientific magazine, it is suggested that complexity ideas “are beginning to map out a radical and long-overdue revision of economic theory” (Buchanan, New Scientist, 2004:35). Indeed, the proliferation of publications, journals, summer schools, and conferences on complexity economics during the past few years can hardly pass unnoticed.

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Perona, E. (2007). The Confused State of Complexity Economics: An Ontological Explanation. In: Complexity Hints for Economic Policy. New Economic Windows. Springer, Milano. https://doi.org/10.1007/978-88-470-0534-1_2

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