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Coping with the Complexity of Economics

  • Book
  • © 2009

Overview

Editors:
  1. Marisa Faggini

    1. Dipartimento di Scienze Economiche e Statistiche, Università degli Studi di Salerno, Italy

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    You can also search for this editor in PubMed   Google Scholar

  2. Thomas Lux

    1. Department of Economics, University of Kiel, Germany

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    You can also search for this editor in PubMed   Google Scholar

Part of the book series: New Economic Windows (NEW)

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Table of contents (10 chapters)

  1. Front Matter

    Pages I-XIV
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  2. Evolution of Economic Systems

    1. Front Matter

      Pages 1-1
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    2. Evolution of Trust in Economic Systems

      • Terry Bossomaier, Michael Harré, James Thompson
      Pages 3-18

    3. Keynes, Hayek and Complexity

      • Paul Ormerod
      Pages 19-32

    4. A look at the relationship between industrial dynamics and aggregate fluctuations

      • Domenico Delli Gatti, Edoardo Gaffeo, Mauro Gallegati
      Pages 33-49

  3. Quantum Physics and Financial Markets

    1. Front Matter

      Pages 51-51
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    2. Quantum-like Viewpoint on the Complexity and Randomness of the Financial Market

      • Olga Choustova
      Pages 53-66

    3. Classical and Quantum-Like Randomness and the Financial Market

      • Andrei Khrennikov
      Pages 67-77

  5. Models of Risk Management and Decision Support

    1. Front Matter

      Pages 147-147
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    2. Risk Measuremant and Fair Valuation Assessment in the Life Insurance Field

      • Mariarosaria Coppola, Valeria D’Amato, Emilia di Lorenzo, Marilena Sibillo
      Pages 149-156

    3. Analysis of Qualitative and Quantitative Rankings in Multicriteria Decision Making

      • Livia D’Apuzzo, Gabriella Marcarelli, Massimo Squillante
      Pages 157-170
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Keywords

About this book

Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: “They have taken their mathematics and their ded- tive techniques from physics, their statistics from genetics and agr- omy, their systems of classi?cation from taxonomy and chemistry, their model-construction techniques from astronomy and mechanics, and their methods of analysis of the consequences of actions from en- neering”. The possibility of similarities of structure in mathematical models of economic and physical systems has been an important f- tor in the development of neoclassical theory. To treat the state of an economy as an equilibrium, analogous to the equilibrium of a mech- ical system has been a key concept in economics ever since it became a mathematically formalized science. Adopting a Newtonian paradigm neoclassical economics often is based on three fundamental concepts. Firstly, the representative agent who is a scale model of the whole society with extraordinary capacities, particularly concerning her - pability of information processing and computation. Of course, this is a problematic reduction as agents are both heterogeneous and bou- edly rational and limited in their cognitive capabilities. Secondly, it often con?ned itself to study systems in a state of equilibrium. But this concept is not adequate to describe and to support phenomena in perpetual motion.

Editors and Affiliations

  • Dipartimento di Scienze Economiche e Statistiche, Università degli Studi di Salerno, Italy

    Marisa Faggini

  • Department of Economics, University of Kiel, Germany

    Thomas Lux

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