Complexity and the Economy 1st Edition

by W. Brian Arthur (Author)

7 customer reviews

ISBN-13: 978-0199334292

ISBN-10: 0199334293

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Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality.

The new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time?

The papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.

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Editorial Reviews

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"In 1999, Arthur's significant paper in Science introduced the notion of complexity and the economy. . In the decade and a half since he first promoted the concept, Arthur has been exploring the evolutionary complexity of the economy by using innovative and unusual theoretical technologies, finessing his earlier visions, and suggesting new ways of conceptualizing the foundations of economic theory. The essays in this volume are all a result of this felicitous exploration. [T]he book is a rich source of ideas, all structured within thoroughly innovative frameworks and presented with the clarity of a masterful prose writer. Highly recommended." --K. V. Veupillai, CHOICE Magazine

"Arthur's book shows that there are many new methods and techniques can be used to change the way we think about the economy and propose policies and laws." -- Andrew Sheng

About the Author

W. Brian Arthur is a leading economist and complexity theorist. He is the recipient of the Schumpeter Prize in Economics and the Lagrange Prize in Complexity Science.

Hardcover: 240 pages
Publisher: Oxford University Press; 1 edition (October 30, 2014)
Language: English
ISBN-10: 0199334293
ISBN-13: 978-0199334292
Product Dimensions: 9.2 x 0.8 x 6.3 inches
Shipping Weight: 15.2 ounces (View shipping rates and policies)
Average Customer Review: 7 customer reviews
Amazon Best Sellers Rank: #792,386 in Books (See Top 100 in Books)
- #235 in Books > Health, Fitness & Dieting > Psychology & Counseling > Evolutionary Psychology
- #674 in Books > Textbooks > Social Sciences > Psychology > Cognitive Psychology
- #1890 in Books > Medical Books > Psychology > Cognitive

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KARL

is a great introduction to thinking about the economy as a non-equilibrium ...

December 18, 2014

Format: Kindle EditionVerified Purchase

This, along with Alan Kirman's Complex Economics, is a great introduction to thinking about the economy as a non-equilibrium complex system. In addition, Arthur provides occasional interesting discussion of the early days of economic complexity thinking at the Santa Fe Institute. Arthur is a careful and thoughtful presenter of challenging ideas, making them feel 'intuitive'.

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George Gilder

This is a complex exposition of a new economic paradigm ...

March 29, 2016

Format: HardcoverVerified Purchase

This is a complex exposition of a new economic paradigm that could be improved and simplified by incorporating information theory.

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CDC

Five Stars

March 14, 2015

Format: HardcoverVerified Purchase

Great insights and background on how economics is evolving away from false assumptions that we all act rationally.

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Henry

For all Brian Arthur Fans!!

April 2, 2015

Format: HardcoverVerified Purchase

Brian Arthur is the best. His insight is fantastic

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Nikolay

Shallow and dissappointing.

November 19, 2016

Format: HardcoverVerified Purchase

Now , i see this book has some positive reviews, but its time for reality check.I have been reading a lot on the subject of Complexity in Economics , Sociology and others.When i first read that book, there were some at first glance "interesting" topics, some of the chapters were amusing and entertaining.But after i closed the last page of the book, and i was thinking what did i actually learn - i felt the emptiness.Then i read quite a bit of other books on Sociology and Economy, and then i opened the Brian Arthur book for second time.Then i realized how shallow the "ideas" of this Author and how greatly overrated he is.First example - he explains how the Steam Engine initially had simpler design and how it had to evolve to more complex system in order to fullfil increasing customer and market demands ??!! It's obvious , it's common sense its waste of the reader's time.In the Second till Fourth Chapter he throws some equation without any explanation for the symbols or the logic behind them for people without background in statistics, also i do think most of his mathematical models are fundamentally flawed at inception.His theory for the adopting of the technologies may have been "the thing" in 1985, now its helplessly trivial ,obvious and obsolete.I watched some of his interviews on Youtube, very very tedious.This guy seems to simply observe trivial processes, then clothes that observation in some unclear and abstract way,without any added value, which makes the reader wondering whats exactly the end purpose of his writings.In my opinion the works of Loet Leydesdorff and Nicholas Rescher are in another universe and i highly recommend them for introduction in the subject

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Darcy Murphy

A fascinating read, and must have for anyone interested in Complexity Economics

December 7, 2014

Format: Hardcover

This collection of papers was one I expected to be a bit dry and overly academic, but I was surprised by how interesting it was to read.
As Brian Arthur is one of the pioneers of applying complexity theories and "non-equilibrium" to the economy, getting to see his work progress and deepen in the series of papers that stretch over more than a twenty year period is fascinating.
The time has definitely come for these ideas, and I believe this book is an excellent way to understand an admittedly complicated topic.
I definitely recommend it!

7 people found this helpful

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Interesting but inconclusive

October 11, 2018

Format: Hardcover

The topic is very interesting, and I would recommend students of economics to at least be familiar with the frameworks that the book offers. The book, aside from the occasional mention of mathematical models, is an easy read for anyone who has had some basic knowledge of economics. That said, it appears to me that the arguments presented by the authors are too introductory, and many chapters, which are supposed to be independent essays, do not have a proper conclusion. I can only give it the benefit of the doubt that this school of thought is nascent and has the potential to mature.

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