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Complexity and the Art of Public PolicySolving Society's Problems from the Bottom Up$
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David Colander and Roland Kupers

Print publication date: 2016

Print ISBN-13: 9780691169132

Published to Princeton Scholarship Online: January 2018

DOI: 10.23943/princeton/9780691169132.001.0001

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A New Kind of Complexity Economics?

A New Kind of Complexity Economics?

Chapter:
(p.131) Chapter 8 A New Kind of Complexity Economics?
Source:
Complexity and the Art of Public Policy
Author(s):

David Colander

Roland Kupers

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691169132.003.0008

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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