Complexity and the Economy

Slowly, over the last three or more decades, a feeling has grown among economists that their key assumptions of perfect rationality, equilibrium, diminishing returns, and of independent agents always facing well-defined problems are somehow not trustworthy, too restrictive, somehow forced. Now in the air are ideas of behavioral rationality, nonequilibrium, increasing returns, and of interconnected agents facing fundamental uncertainty in problems of decision-making. Economics has opened up to other approaches besides the standard neoclassical one

Brian Arthur – Complexity and the Economy

Click to access Complexity%20&%20Economy%20Preface.pdf

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