Template-Type: ReDIF-Paper 1.0
Title: Complexity and Paradigm Change in Economics
Abstract: Since the first volume in this series (Anderson, Arrow & Pines, 1987), a variety of scholars have claimed that complexity economics presents a fundamentally different and more scientifically grounded way of explaining and modelling the economy than more traditional perspectives. Looking back at over thirty-five years of development in the field, this essay argues that complexity economics is not merely an alternative and advantageous set of methods for understanding the economy but could play a critical role in the construction of a new economic paradigm. Complexity economics is part of a broader interlocking set of ideas—an "ontological stack"—that has the potential to supplant the dominant economic paradigms of the twentieth century. The development of such a paradigm would have major implications for economic policy and politics. The essay concludes with a discussion of what can be done to advance the complexity economics agenda and how such a paradigm might be developed.
Author-Name: Beinhocker, Eric
Author-Name: Bednar, Jenna
File-URL: https://oms-inet.files.svdcdn.com/production/files/Complexity_And_Paradigm_Change_In_Economics_V3_WP_Dec_25.pdf?dm=1765980568
File-Format: Application/pdf
File-Function: 
Length: 46 pages
Creation-Date: 2025-10
Revision-Date: 2025-12
Handle: RePEc:amz:wpaper:2025-20