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Coping with the Complexity of Economics (Paperback, 2009 ed.)
Loot Price: R2,970
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Coping with the Complexity of Economics (Paperback, 2009 ed.)
Series: New Economic Windows
Expected to ship within 10 - 15 working days
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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.
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