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Giacomo Gallegati
Complexity in Economics
Complexity in Economics
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- More about Complexity in Economics
Neoclassical economics is heavily based on a formalistic method, primarily centred on mathematical deduction. Consequently, mainstream economists became overfocused on describing the states of an economy rather than understanding the processes driving these states. However, many phenomena arise from the intricate interactions among diverse elements, eluding explanation solely through micro-level rules. Such systems, characterised by emergent properties arising from interactions, are defined as complex. This Element delves into the complexity approach, portraying the economy as an evolving system undergoing structural changes over time.
- Publication date: 2 January 2025
- Page count: 92
- Dimensions: Height 229 mm; Width 152 mm; Thickness 6 mm
- Publisher: Cambridge University Press
- Format: Hardback
- ISBN-13: 9781009547727
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