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Series:   Elements in Complexity and Agent-based Economics

Complexity in Economics

Published online by Cambridge University Press:  02 December 2024

Giacomo Gallegati ,
Mauro Gallegati  and
Simone Landini
Giacomo Gallegati
Affiliation:
Università degli Studi di Torino, Collegio Carlo Alberto, Torino, andUniversité Paris 1 Panthéon-Sorbonne, Paris
Mauro Gallegati
Affiliation:
Università Politecnica delle Marche, Ancona
Simone Landini
Affiliation:
IRES Piemonte, Torino

Summary

Neoclassical economics is heavily based on a formalistic method, primarily centred on mathematical deduction. Consequently, mainstream economists became overfocused on describing the states of an economy rather than understanding the processes driving these states. However, many phenomena arise from the intricate interactions among diverse elements, eluding explanation solely through micro-level rules. Such systems, characterised by emergent properties arising from interactions, are defined as complex. This Element delves into the complexity approach, portraying the economy as an evolving system undergoing structural changes over time.
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Keywords

complex systemsnon-linearityemergencenon-ergodicitystatistical equilibrium
Type
Element
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Series: Elements in Complexity and Agent-based Economics
Online ISBN: 9781009547765
Publisher: Cambridge University Press
Print publication: 02 January 2025

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Complexity in Economics
  • Giacomo Gallegati, Università degli Studi di Torino, Collegio Carlo Alberto, Torino, andUniversité Paris 1 Panthéon-Sorbonne, Paris, Mauro Gallegati, Università Politecnica delle Marche, Ancona, Simone Landini, IRES Piemonte, Torino
  • Online ISBN: 9781009547765
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Complexity in Economics
  • Giacomo Gallegati, Università degli Studi di Torino, Collegio Carlo Alberto, Torino, andUniversité Paris 1 Panthéon-Sorbonne, Paris, Mauro Gallegati, Università Politecnica delle Marche, Ancona, Simone Landini, IRES Piemonte, Torino
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Complexity in Economics
  • Giacomo Gallegati, Università degli Studi di Torino, Collegio Carlo Alberto, Torino, andUniversité Paris 1 Panthéon-Sorbonne, Paris, Mauro Gallegati, Università Politecnica delle Marche, Ancona, Simone Landini, IRES Piemonte, Torino
  • Online ISBN: 9781009547765
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