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Crisis económicas y cambios de paradigma

Author

Listed:
  • Gonzalo Castañeda

    (El Colegio de México)

Abstract

This essay suggests that the orthodox economic theory is in a quandary because of its poor performance in explaining the international financial crisis that started in 2008. Likewise, it claims that the social complexity theory is a better paradigm to explain socioeconomic phenomena, especially those characterized by endemic disequilibrium and non-linear collective behavior. In particular, the paper makes reference to models of heterogeneous agents based on statistical mechanics which explain the observed behavior in assets prices much better than the neoclassical models of efficient markets.

Suggested Citation

  • Gonzalo Castañeda, 2010. "Crisis económicas y cambios de paradigma," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 25(2), pages 425-441.
    • Handle: RePEc:emx:esteco:v:25:y:2010:i:2:p:425-441
    as

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    File URL: https://estudioseconomicos.colmex.mx/index.php/economicos/article/view/107/109
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    References listed on IDEAS

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    More about this item

    Keywords

    economic paradigms; financial crisis; social complexity theory;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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