The Complexity Era in Economics

The Complexity Era in Economics

This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a revolution. In...

Full description

Saved in:
Bibliographic Details
Published in:Review of political economy Vol. 23; no. 3; pp. 357 - 369
Main Authors: Holt, Richard P.F., Rosser, J. Barkley, Colander, David
Format: Journal Article
Language:English
Published: London Routledge 01-07-2011
Taylor and Francis Journals
Taylor & Francis Ltd
Series:Review of Political Economy
Subjects:
Economic models
Economic research
Economic theory
Economics
Economists
History of economic thought
History of ideas
Neoclassical economics
Professions
Research trends
Revolutions
Studies
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a revolution. Instead, it has evolved out of the many strains of neoclassical work, along with work done by less orthodox mainstream and heterodox economists. It is only in its beginning stages. The article discusses the work that is forming the foundation of the complexity era, and how that work will likely change the way in which we understand economic phenomena and the economics profession.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ObjectType-Article-1
ObjectType-Feature-2
ISSN:0953-8259
1465-3982
DOI:10.1080/09538259.2011.583820