A New Kind of Complexity Economics?
A New Kind of Complexity Economics?
This chapter begins with a background on the founding of the Santa Fe Institute in 1986 by a number of eminent scientists, such as physicists Murray Gell Mann and David Pines and chemist George Cowan. What connected these scholars from different fields was that they all shared a belief that standard methods in science did not provide a useful way of analyzing, and hence understanding, systems that are highly nonlinear, and which exhibit significant micro-level interdependencies. The chapter then discusses the first Santa Fe workshop was to be in economics held in 1986; why complexity was such a hard sell to economists; Brian Arthur’s complexity vision of the economy; the death of neoclassical economics; the changing face of modern economics; and the rise of game theory as the core analytic tool used by economists to analyze issues.
Keywords: Santa Fe Institute, complexity economics, Brian Arthur, neoclassical economics, game theory
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