RESEARCHING THE EFFECTS OF COMPLEX SYSTEMS THEORY IN ECONOMICS
RESEARCHING THE EFFECTS OF COMPLEX SYSTEMS THEORY IN ECONOMICS

Summary/Abstract: Complex realities define our daily lives: complex processes work in nature, and complex structures define our social environment. Complexity is inherent in decision-making and connected behaviors; complexity issues revolve around technologies; complexity is embedded in different policies. The nature of complexity also applies to how the world economy system works, as it consists of complex actions and interactions between individual institutions, national and international companies, entire societies, and the policies that govern them. Complexity economics is no addition to the standard economy, nor does it consist of adding agent-based behavior to standard models. It is a different way of seeing the economy - the perception of the economy not as a system in balance but as one in motion, which is "calculated" constantly, always building again. Where the economy of equilibrium emphasizes order, determination, deduction, and stasis, this new framework emphasizes contingency, indeterminacy, meaning, and openness to change. There is another way of saying this. Until now, economics has been a science-based on nouns rather than verbs.

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