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Simple Rules for a Complex World: Is It So?

Author

Listed:
  • Pierre Garello

    (CERGAM-CAE, Aix-Marseille Université)

Abstract

Epstein gave to one of his books a title that summarizes the main conclusion of some studies, in particular Hayek's, of emergent orders (also known as spontaneous orders) such as the law and the market: we need, says Epstein, simple rules to cope with a complex world. We offer a critical appraisal of that statement looking in particular to his analysis of liability rule and argue that a rule of negligence, albeit more complex than strict liability, fits better the dynamics of a complex order. We conclude that the nature of the process through which the rule emerges is more important than its simplicity. We close the paper with some general reflections on the challenges presented by new researches in adaptive complex orders.

Suggested Citation

  • Pierre Garello, 2011. "Simple Rules for a Complex World: Is It So?," CAE Working Papers 89, Aix-Marseille Université, CERGAM.
    • Handle: RePEc:cgm:wpaper:89
    as

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    File URL: http://junon.u-3mrs.fr/afa10w21/RePEc/cgm/wpaper/DR_89_1011.Garello.pdf
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-672, June.
    2. Vaughn Karen I., 1999. "Hayek’S Theory Of The Market Order As An Instance Of The Theory Of Complex, Adaptive Systems," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(2-3), pages 241-256, June.
    3. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 357-376, October.
    4. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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