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Related Experiment Videos

Complexity and the economy

Arthur1

  • 1Santa Fe Institute, 1399 Hyde Park Road, Santa Fe, NM 87501, USA.

Science (New York, N.Y.)
|April 2, 1999
PubMed
Summary
This summary is machine-generated.

Economists are shifting from static equilibrium models to dynamic, out-of-equilibrium economic patterns. This complexity perspective reveals an evolving economy, not a predictable machine.

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Area of Science:

  • Economics
  • Complexity Science

Background:

  • Traditional economics focused on static equilibrium models for over two centuries.
  • These models assume patterns requiring no further behavioral adjustments.

Purpose of the Study:

  • To explore the emergence and unfolding of economic structures and patterns.
  • To analyze economic behavior from an out-of-equilibrium perspective.

Main Methods:

  • Observing economic patterns in formation, particularly out-of-equilibrium dynamics.
  • Applying complexity theory to economic analysis.

Main Results:

  • Out-of-equilibrium economic patterns often exhibit perpetual novelty and emergent phenomena.
  • Some patterns simplify to traditional static equilibria, but many remain dynamic.

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  • Complexity portrays the economy as process-dependent and organic, rather than deterministic.

    • Conclusions:

    • The economy is better understood as an evolving, organic system than a predictable mechanism.
    • An out-of-equilibrium approach offers deeper insights into economic dynamics and emergent behaviors.