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Economic Complexity and the Role of Markets

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  • Igor Matutinovic

Abstract

When used in those spheres of life where attaching a price tag or making an economic calculus is impossible or loses any meaning, markets usually under perform and disappoint. In addition to empirical shortcomings of markets, the unrealistic theoretical assumption and poor predictive and explanatory value of neoclassical equilibrium theory provides fertile ground for critics of the institution of markets. Complexity theory provides a theoretical framework that enables us to analyze the role of markets from a radically different perspective than that offered by neoclassical equilibrium theory and, therefore, to reach very different conclusions about the role of markets in industrialized economies.

Suggested Citation

  • Igor Matutinovic, 2010. "Economic Complexity and the Role of Markets," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(1), pages 31-52.
    • Handle: RePEc:mes:jeciss:v:44:y:2010:i:1:p:31-52
    DOI: 10.2753/JEI0021-3624440102
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    Cited by:

    1. Elsner, Wolfram & Schwardt, Henning, 2015. "The (dis-)embedded firm: Complex structure and dynamics in inter-firm relations. Adding institutionalization as a Veblenian dimension to the Coase-Williamson approach – An emerging triangular organiza," MPRA Paper 67193, University Library of Munich, Germany.
    2. Christopher A. Hartwell, 2017. "Understanding “Development”: Insights from Some Aspects of Complexity Theory," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 34(2), pages 165-190, November.

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