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The impossibility of an effective theory of policy in a complex economy

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  • K. Vela Velupillai

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  • K. Vela Velupillai, 2005. "The impossibility of an effective theory of policy in a complex economy," Department of Economics Working Papers 0514, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpde:0514
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    References listed on IDEAS

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    1. David Colander (ed.), 2000. "The Complexity Vision and the Teaching of Economics," Books, Edward Elgar Publishing, number 1955.
    2. D. Colander, 2009. "The Complexity Revolution and the Future of Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 1.
    3. Finn Kydland & Edward C. Prescott, 1980. "A Competitive Theory of Fluctuations and the Feasibility and Desirability of Stabilization Policy," NBER Chapters, in: Rational Expectations and Economic Policy, pages 169-198, National Bureau of Economic Research, Inc.
    4. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-563, May.
    5. W. Fontana & L.W. Buss, 1996. "The Barrier of Objects: From Dynamical Systems to Bounded Organizations," Working Papers wp96027, International Institute for Applied Systems Analysis.
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    Cited by:

    1. Stefano Zambelli, 2015. "Dynamical coupling, the non-linear accelerator and the persistence of business cycles," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(6), pages 1607-1628.
    2. K. Vela Velupillai, 2011. "Computable and Dynamical Systems Foundations of Bounded Rationality and Satisficing," ASSRU Discussion Papers 1116, ASSRU - Algorithmic Social Science Research Unit.
    3. Koppl, Roger, 2010. "Some epistemological implications of economic complexity," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 859-872, December.
    4. K. Vela Velupillai, 2012. "The Relevance of Computation Irreducibility as Computation Universality in Economics," ASSRU Discussion Papers 1212, ASSRU - Algorithmic Social Science Research Unit.
    5. Tsoulfidis, Lefteris & Chatzarakis, Nikolaos, 2024. "The Micro-Macro Divide of Neoclassical Economics vs. the Macro-Microscopic Classical Political Economy Approach," MPRA Paper 121951, University Library of Munich, Germany.

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    More about this item

    Keywords

    theory of policy; dynamical system; computation universality; recursive rule; complex economy;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other

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