"The Economy as a Complex Adaptive System - A Schumpetarian Example"

Description

The economy is often singled out as a complex adaptive system - not only does it consist of a large number of interacting units, these units also form expectations about the system of which they are a part. Much of economic theory underplays this aspect of the economy eg. by assuming methodological individualism. Other contributions to economic theory have recognized the complexity of the system, but have not had the tools to deal with it. In this talk central aspects of the economy as a complex adaptive system will be discussed, and an example of how computer simulations and complexity science may help revive older economic theories is presented, in the form of Schumpeters emerging business cycles and creative destruction.

Period	30 May 2007
Event title	"The Economy as a Complex Adaptive System - A Schumpetarian Example"
Event type	Conference
Organiser	Biocomplexity group
Location	Niels Bohr InstituttetShow on map