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from Part II - A Positive Theory for Complexity Economics
Published online by Cambridge University Press: 03 November 2022
In this chapter, a number of key concepts from complexity science are introduced in order to provide the tools, method and philosophy of science necessary for later chapters. Focus is given to concepts needed in a complexity and network theory of money, finance, innovation and macroeconomics. In particular, the notions of emergence, interactions, non-linearity and path-dependence are explored, and their relationship with equilibrium, non-ergodicity, stability and chaos, and the theory of evolution. A simple classification of complex systems is given. The particular case of self-organised criticality is explored as it becomes later used as a basis to explain complex dynamics and fluctuations in innovation networks and the financial system.
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