Complexity and the Economy

Publié par Oxford University Press, le 30 octobre 2014

211 pages

Résumé

Economics is currently undergoing its most profound change since the 1870s. Instead of seeing the economy as a well-ordered machine, rational, in equilibrium, and in the end relatively lifeless, now economists are beginning to see it as a complex evolving system, imperfect, perpetually constructing itself anew, and brimming with vitality. This new vision helps answer questions economics couldn't answer before. Why does the stock market show moods and a psychology ? Why do high-tech markets tend to lock in to the dominance of one or two very large players ? How do economies form, and how do they continually alter in structure over time ? In the 1980s and 1990s, economist and complexity theorist W. Brian Arthur led a small team at the Santa Fe Institute to explore questions like these and thereby pioneered this new approach - complexity economics.

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