Why is economics not a complex systems science?

John Foster (2006) Why is economics not a complex systems science?. Journal of Economic Issues, 40 4: 1069-1091.

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Name Description MIMEType Size Downloads
Author John Foster
Title Why is economics not a complex systems science?
Journal name Journal of Economic Issues   Check publisher's open access policy
ISSN 0021-3624
Publication date 2006-12
Sub-type Article (original research)
Open Access Status Not Open Access
Volume 40
Issue 4
Start page 1069
End page 1091
Total pages 23
Editor G. Atkinson
Place of publication Knoxville
Publisher Assoc Evolutionary Economics
Collection year 2006
Language eng
Subject C1
340199 Economic Theory not elsewhere classified
729901 Technological and organisational innovation
Abstract The article argues that economics will have to become a complex systems science before economists can comfortably incorporate institutionalist and evolutionary economics into mainstream theory. The article compares the complex adaptive system of John Foster with that of standard economic theory and illustrates the difference through an examination of familiar production function. The place of neoclassical, Keynesian economics in complex systems is considered. The article concludes that convincing, multiple models have been made possible by the increase in widely available computing power available.
Keyword Economics
Self-organization
Adaptive Systems
Selection
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2007 Higher Education Research Data Collection
School of Economics Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 8 times in Thomson Reuters Web of Science Article | Citations
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Created: Wed, 15 Aug 2007, 09:48:45 EST