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Complexity in Economics

by Simone Landini , Giacomo Gallegati , Mauro Gallegati
Save 17% Save 17%
Current price ₹2,293.00
Original price ₹2,752.00
Original price ₹2,752.00
Original price ₹2,752.00
(-17%)
₹2,293.00
Current price ₹2,293.00

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Book cover type: Paperback
  • ISBN13: 9781009547734
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Cambridge University Press
  • Publisher Imprint: Cambridge University Press
  • Publication Date:
  • Pages: 92
  • Original Price: GBP 18.0
  • Language: English
  • Edition: N/A
  • Item Weight: 137 grams
  • BISAC Subject(s): Political Economy

Neoclassical economics is heavily based on a formalistic method, primarily centred on mathematical deduction. Consequently, mainstream economists became overfocused on describing the states of an economy rather than understanding the processes driving these states. However, many phenomena arise from the intricate interactions among diverse elements, eluding explanation solely through micro-level rules. Such systems, characterised by emergent properties arising from interactions, are defined as complex. This Element delves into the complexity approach, portraying the economy as an evolving system undergoing structural changes over time.

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