Complexity in Economics
Book Details
Format
Hardback or Cased Book
Book Series
Elements in Complexity and Agent-based Economics
ISBN-10
1009547720
ISBN-13
9781009547727
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Jan 2nd, 2025
Print length
92 Pages
Weight
271 grams
Dimensions
22.90 x 15.20 x 0.60 cms
Product Classification:
Political economy
Ksh 10,100.00
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Many phenomena arise from the intricate interactions among diverse elements. 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.
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.
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