In this essay neoclassical Cost-Benefit Analysis (CBA) is criticized as beinng too simplistic and also too specific in ideological terms. Positional Analysis (PA) is advocated as an alternative based on a definition of economics in terms of multidimensional analysis and …
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It is argued in this paper that there is an issue of complex phenomenal intractability in economics, in particular, and in social science in general, and that it is unduly neglected in theorizing in these areas. This intractability is complex …
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Thorstein Veblen is a classic author, recognized for his writings on institutions and economic change. The complexity perspective, on the other hand, is a relatively contemporary approach for studying a considerable range of phenomena both in natural and social sciences. …
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In his Theory of Moral Sentiments, Adam Smith defended a mind-body dualism, through a metaphor that considered the body as “home”: sympathy is bringing, through imagination, and only through imagination, other people’s emotions back home, to one’s personal body. In …
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The project’s basic axis the notion of order and cultural evolution by selection at the thought of Hayek. However, to highlight this aspect was necessary to analyze many other aspects of his work, as well as enter in the literature …
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Economic Science emerges from the questions about the behavior human, conflict and social order. Smith, preoccupied with the complexity of social relations and economic phenomena, point out the individual as basis of Political Economics. For the author, social and economic …
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This paper develops a conception of autonomous agents who, lacking the ready-made and complete list of possible states afforded their DSGE counterparts, must envision their own ―state space.‖ Such agents can and must do more than perform constrained optimization exercises; …
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Nobody will discuss that the economy constitutes a very complex system. The traditional approach to understanding it has been to reduce complexities to simple rules and behaviors, abstracting of many features of the real economy. An alternative to reductionism consists …
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Decades of blindly following mainstream economic policy has opened a new potentiality of research, especially since most of the phenomena that occur around us are caused by and interact with many other parts within a complex globalised world. The objective …
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The main idea of the present paper is that the appropriate inclusion of money and monetary circulation into economic analysis implies shift from acyclic to cyclic economic mathematical models. In the same tame such transition allows for the analysis of …
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Despite the fact that mathematical deductivist models in line with positivism are mostly considered as the conventional way to do economic research, those have been criticised for failing to deal with social complexities. The complexities in economics may come from …
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Complexity economics has developed into a powerful empirical, theoretical, and computational research program in the last three decades, advancing more realistic economics. It converges with long-standing heterodox schools, and its theoretical and empirical findings are consistent with older heterodox research …
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This paper argues that agent-based modeling’s innovations in method developed in terms of simulation techniques also involve an innovation in economic methodology. It shows how Epstein’s generative science conception departs from conventional methodological reasoning, and employs what I term an …
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This working paper introduces a formal language to frame the concept of complexity within economic theory. The purpose is to provide a consistent analytical framework within which the varied aspects of complexity may be given expression. The intuition underlying the …
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