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Bounded Heresies. Early intuitions of complexity in economics

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  • Francisco Louçã

    (ISEG, UECE, UTL, Lisbon)

Abstract

The paper investigates some early discussions on the nature of complexity in economics, from the neoclassical revolution of the 1870s. Some of these arguments were put forward by discontent economists ( Jevons and Marshall), others by suspicious philosophers (Schumpeter): in every case, economics was presented as a social science investigating human interaction. Keynes and his implicit debates with Schumpeter are also presented as a continuation of these suggestions. Finally, the influence of biology and namely of Darwinism on economics is briefly surveyed, since it constitutes the dominant reference to the properties of evolution and self-organization in open systems, as some economists noticed.

Suggested Citation

  • Francisco Louçã, 2010. "Bounded Heresies. Early intuitions of complexity in economics," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 77-114.
    • Handle: RePEc:hid:journl:v:18:y:2010:2:4:p:77-114
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