Policy Implications of Economic Complexity and Complexity Economics

Elsner, Wolfram (2015): Policy Implications of Economic Complexity and Complexity Economics.

Abstract

Policy implications of complexity economics (CE) are investigated. CE deals with “Complex Adaptive (Economic) Systems” [CA(E)S], generally characterized by mechanisms and properties such as “emergence” of structure or some capacity of “self-organization”. With this, CE has manifold affinities with economic heterodoxies. CE has developed into a most promising economic research program in the last decades. With some time lag, and boosted by the financial crisis and Great Recession, a surge to explore their policy implications recently emerged. It demonstrated the flaws of the “neoliberal” policy prescriptions mostly derived from the neoclassical mainstream and its underlying more simplistic and teleological equilibrium models. However, most of the complexity-policy literature still remains rather general. For a subset of CA(E)S, those with heterogeneous human agents interacting, particularly on networks, using evolutionary games in the “evolution-of-cooperation” tradition, therefore, we exemplarily derive more specific policy orientations and tools, and a framework policy approach called Interactive Policy.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economic complexity; complex adaptive (economic) systems; equilibrium modeling; self-organization; structural emergence; microfoundations; social-dilemma games; evolution of cooperation; economic policy; regulation; institutional design; recognized interdependence; futurity; rime horizons; network structures; interactive/institutional policy; meritorics; pragmatism; negotiated economy.
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches; C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C72 - Noncooperative Games; D - Microeconomics > D0 - General > D02 - Institutions: Design, Formation, Operations, and Impact; H - Public Economics > H4 - Publicly Provided Goods; P - Economic Systems > P4 - Other Economic Systems > P41 - Planning, Coordination, and Reform

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