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Complexity and EvolutionToward a New Synthesis for Economics$
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David S Wilson and Alan Kirman

Print publication date: 2016

Print ISBN-13: 9780262035385

Published to University Press Scholarship Online: May 2017

DOI: 10.7551/mitpress/9780262035385.001.0001

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date: 29 November 2020

Not Half Bad

Not Half Bad

A Modest Criterion for Inclusion

Chapter:
(p.319) 17 Not Half Bad
Source:
Complexity and Evolution
Author(s):

Scott E. Page

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262035385.003.0017

To understand a complex system (e.g., an economy, an ecosystem, the global climate system), scientists often rely on models. Models simplify reality by focusing on certain parts of a system, and the relationships between them, while ignoring, by necessity, other. Advocates of complexity theory often boldly claim (partly by virtue of greater realism) that they can improve upon the standard neoclassical economic framework. A much weaker claim supports the promotion of this new class of models or any class of models: even if the complexity framework makes less accurate predictions than the neoclassical approach, the complexity framework can be of use because its models differ.

Keywords:   Strüngmann Forum Reports, alternative economic paradigms, complex systems models, diversity, economic theory

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