Complexity in Economics

This Element delves into complexity in economics, portraying the economy as an evolving system undergoing structural changes over time.

Giacomo Gallegati (Author), Mauro Gallegati (Author), Simone Landini (Author)

9781009547727, Cambridge University Press

Hardback, published 2 January 2025

92 pages
23.5 x 15.5 x 1 cm, 0.27 kg

Neoclassical economics is heavily based on a formalistic method, primarily centred on mathematical deduction. Consequently, mainstream economists became overfocused on describing the states of an economy rather than understanding the processes driving these states. However, many phenomena arise from the intricate interactions among diverse elements, eluding explanation solely through micro-level rules. Such systems, characterised by emergent properties arising from interactions, are defined as complex. This Element delves into the complexity approach, portraying the economy as an evolving system undergoing structural changes over time.

Introduction
1. How Economics Came to Believe it was a Natural Science
2. Economic Complex Systems
Conclusion
Acronyms
References.

Subject Areas: Political economy [KCP]