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Economics in an unstable world

In: The Atlas of Social Complexity

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Abstract

The premise of complexity economics is as simple as it is powerful: while neoclassical economics essentially assumes equilibriums as the natural state of an economy, complexity economics assumes nonequilibrium states because economies are essentially open systems and therefore prone to continuous interaction with their environment. As simple as this premise is, it slashes away one of the main pillars underneath conventional economics. Given the importance of conventional economics, and its impact on society, we survey what scholars in complexity economics claim in response to conventional economics. This is what the chapter is about. We review the arguments in favour of a complexity approach to economics, with special focus on the economy as a complex adaptive system, the role of agency, and the networked nature of economic systems. We also review the progress that has been made in measuring and indexing the levels of complexity in economies, that is, economic complexity.

Suggested Citation

  • ., 2024. "Economics in an unstable world," Chapters, in: The Atlas of Social Complexity, chapter 25, pages 363-374, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19387_25
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    File URL: https://www.elgaronline.com/doi/10.4337/9781789909524.00029
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