IDEAS home Printed from https://ideas.repec.org/a/mes/jeciss/v51y2017i2p392-400.html
   My bibliography  Save this article

The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations

Author

Listed:
  • Claudius Gräbner

Abstract

Analyzing economic systems from an evolutionary-institutional or a complexity perspective are two complementary approaches to economic inquiry. I discuss three arguments in favor of this hypothesis: (i) eminent institutional economists have examined the economy as what today could be considered a complex system; (ii) complexity economists lack meta-theoretical foundations which could be provided by institutionalist theory; and (iii) institutional economists could benefit from using methods of complexity economics. In this context, I argue that scholars considering the economy to be complex should seek to explain it by discovering social mechanisms instead of focusing on prediction. In order to distinguish between alternative explanations, scholars should refer to the deepness of an explanation, rather than to Occam’s razor.

Suggested Citation

  • Claudius Gräbner, 2017. "The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations," Journal of Economic Issues, Taylor & Francis Journals, vol. 51(2), pages 392-400, April.
    • Handle: RePEc:mes:jeciss:v:51:y:2017:i:2:p:392-400
    DOI: 10.1080/00213624.2017.1320915
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00213624.2017.1320915
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00213624.2017.1320915?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Angus Deaton, 2010. "Instruments, Randomization, and Learning about Development," Journal of Economic Literature, American Economic Association, vol. 48(2), pages 424-455, June.
    2. Claudius Graebner & Jakob Kapeller, 2015. "The Micro-Macro Link in Heterodox Economics," ICAE Working Papers 37, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    3. Alessio Moneta & Federica Russo, 2014. "Causal models and evidential pluralism in econometrics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(1), pages 54-76, March.
    4. Geoffrey M. Hodgson, 2006. "Economics in the Shadows of Darwin and Marx," Books, Edward Elgar Publishing, number 3925.
    5. Veblen, Thorstein, 2009. "The Theory of the Leisure Class," OUP Catalogue, Oxford University Press, number 9780199552580 edited by Banta, Martha.
    6. Witt, Ulrich, 2010. "Symbolic consumption and the social construction of product characteristics," Structural Change and Economic Dynamics, Elsevier, vol. 21(1), pages 17-25, March.
    7. Claudius Gräbner & Jakob Kapeller, 2015. "New Perspectives on Institutionalist Pattern Modeling: Systemism, Complexity, and Agent-Based Modeling," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(2), pages 433-440, April.
    8. Wolfram Elsner, 2012. "The Theory of Institutional Change Revisited: The Institutional Dichotomy, Its Dynamic, and Its Policy Implications in a More Formal Analysis," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(1), pages 1-44.
    9. Myrdal, Gunnar, 1973. "Equity and growth," World Development, Elsevier, vol. 1(11), pages 43-47, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Karla Zimpel-Leal & Fiona Lettice, 2021. "Generative Mechanisms for Scientific Knowledge Transfer in the Food Industry," Sustainability, MDPI, vol. 13(2), pages 1-23, January.
    2. Wieliczko, Barbara, 2020. "Suitability of Complexity Economics for Long-Term Agricultural Policy-Making," Problems of Agricultural Economics / Zagadnienia Ekonomiki Rolnej 311259, Institute of Agricultural and Food Economics - National Research Institute (IAFE-NRI).
    3. Steve J. Bickley & Benno Torgler, 2021. "Behavioural Economics, What Have we Missed? Exploring “Classical” Behavioural Economics Roots in AI, Cognitive Psychology, and Complexity Theory," CREMA Working Paper Series 2021-21, Center for Research in Economics, Management and the Arts (CREMA).
    4. Steve J. Bickley & Alison Macintyre & Benno Torgler, 2021. "Artificial Intelligence and Big Data in Sustainable Entrepreneurship," CREMA Working Paper Series 2021-11, Center for Research in Economics, Management and the Arts (CREMA).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gräbner, Claudius, 2016. "From realism to instrumentalism - and back? Methodological implications of changes in the epistemology of economics," MPRA Paper 71933, University Library of Munich, Germany.
    2. Heinrich, Torsten, 2016. "The Narrow and the Broad Approach to Evolutionary Modeling in Economics," MPRA Paper 75797, University Library of Munich, Germany.
    3. Claudius Graebner & Stephan Puehringer, 2021. "Competition universalism: Its historical origins and timely alternatives," ICAE Working Papers 125, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    4. Claudius Graebner & Amineh Ghorbani, 2019. "Defining institutions - A review and a synthesis," ICAE Working Papers 89, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    5. Ashish Arora & Michelle Gittelman & Sarah Kaplan & John Lynch & Will Mitchell & Nicolaj Siggelkow & Aaron K. Chatterji & Michael Findley & Nathan M. Jensen & Stephan Meier & Daniel Nielson, 2016. "Field experiments in strategy research," Strategic Management Journal, Wiley Blackwell, vol. 37(1), pages 116-132, January.
    6. Krstic, Bojan & Krstic, Milos, 2015. "Models Of Irrational Behaviour Of Household And Firm," Ekonomika, Journal for Economic Theory and Practice and Social Issues, Society of Economists Ekonomika, Nis, Serbia, vol. 61(4), pages 1-10, December.
    7. Tortia, Ermanno, 2014. "L'impresa come bene comune," AICCON Working Papers 131-2013, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    8. Tao Kong, 2011. "Governance Quality and Economic Growth," ANU Working Papers in Economics and Econometrics 2011-537, Australian National University, College of Business and Economics, School of Economics.
    9. Alberto Abadie & Susan Athey & Guido W. Imbens & Jeffrey M. Wooldridge, 2020. "Sampling‐Based versus Design‐Based Uncertainty in Regression Analysis," Econometrica, Econometric Society, vol. 88(1), pages 265-296, January.
    10. Jacobus de Hoop & Furio C. Rosati, 2014. "Cash Transfers and Child Labor," The World Bank Research Observer, World Bank, vol. 29(2), pages 202-234.
    11. Richard Blundell & Jack Britton & Monica Costa Dias & Eric French, 2023. "The Impact of Health on Labor Supply near Retirement," Journal of Human Resources, University of Wisconsin Press, vol. 58(1), pages 282-334.
    12. Thanos Fragkandreas, 2022. "Three Decades of Research on Innovation and Inequality: Causal Scenarios, Explanatory Factors, and Suggestions," Working Papers 60, Birkbeck Centre for Innovation Management Research, revised Feb 2022.
    13. Annette N. Brown & Drew B. Cameron & Benjamin D. K. Wood, 2014. "Quality evidence for policymaking: I'll believe it when I see the replication," Journal of Development Effectiveness, Taylor & Francis Journals, vol. 6(3), pages 215-235, September.
    14. Christophe Lemiére & Gaute Torsvik & Ottar Mæstad & Christopher H. Herbst & Kenneth L. Leonard, 2013. "Evaluating the Impact of Results-Based Financing on Health Worker Performance: Theory, Tools and Variables to Inform an Impact Evaluation," Health, Nutrition and Population (HNP) Discussion Paper Series 98269, The World Bank.
    15. Martin, Will, 2021. "Tools for measuring the full impacts of agricultural interventions," IFPRI-MCC technical papers 2, International Food Policy Research Institute (IFPRI).
    16. Anke Hoeffler, 2017. "Violence Against Children: A Critical Issue for Development," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 29(5), pages 945-963, November.
    17. Christopher Kilby & Christopher Kline, 2012. "To Invest or Insure? A Comment on Wright (2008)," Villanova School of Business Department of Economics and Statistics Working Paper Series 21, Villanova School of Business Department of Economics and Statistics.
    18. Kabeer, Naila, 2020. "‘Misbehaving’ RCTs: The confounding problem of human agency," World Development, Elsevier, vol. 127(C).
    19. Michael Grimm & Jörg Peters, 2012. "Improved Cooking Stoves that End up in Smoke?," RWI Positionen, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, pages 09, 09.
    20. Mariapia Mendola & Mengesha Yayo Negasi, 2019. "Nutritional and Schooling Impact of a Cash Transfer Program in Ethiopia: A Retrospective Analysis of Childhood Experience," Development Working Papers 451, Centro Studi Luca d'Agliano, University of Milano.

    More about this item

    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
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:jeciss:v:51:y:2017:i:2:p:392-400. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MJEI20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.