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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: 06 July 2022

Not Half Bad

Not Half Bad

A Modest Criterion for Inclusion

(p.319) 17 Not Half Bad
Complexity and Evolution

Scott E. Page

The MIT Press

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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