Welcome to complexity economics.
So, what is complexity economics? I expect you would get three different answers if you asked three different complexity economists. Some coalesce around sophisticated mathematical analysis of large data sets. Some focus on the emergence of macroeconomic behaviour from microeconomic foundations. Others use ecosystem analogies in considering economic questions. Though as Brian Arthur explains in 'Foundations of Complexity Economics', we all believe that the current neo-classical framing of equilibrium and representative rational actors misses some essential elements of what we experience as economics in the world.
Economics involves social behaviour and belief dynamics coupled with dynamical processes and constraints imposed by material conditions, and is thus arguably the most complex of the sciences. This course is a survey of interdisciplinary economic themes framed in the language of Complex Adaptive Systems Science, with concepts such as dynamical systems, evolution, embeddedness, emergence, adaptation and path dependence.
Complexity Economics is not a refutation or argument against neo-classical theory, in fact I'll at times employ elements of standard economic theory. This course is organized around five topics: Production & Consumption, Markets, Money & Banking, Economic Development and Behaviour & Society.
My goal with this course is to inspire curiosity about the social processes considered 'economics', and to demonstrate a CASS analytical approach to studying these processes. There will be more questions than answers, which is appropriate given a realistic assessment of the current state of our economic understanding. Consider this material as an invitation for contemplation, discussion and exploration.
