Principles of Complexity Economics

These excerpts introduce the concepts of complexity economics, contrasting it with traditional neoclassical economics. The sources emphasize that economies are complex adaptive systems characterized by nonlinearity, feedback loops, self-organization, and emergence, which are often difficult to predict and control. They explore how complexity science, with methods like system dynamics and agent-based modeling, can be applied to understand economic phenomena, including evolutionary processes, technological change, and adaptation. The text also examines the limitations of neoclassical assumptions like equilibrium and representative agents in capturing the richness of real-world economic dynamics, highlighting the significance of history, path dependence, and different levels of analysis in comprehending economic complexity.