Complexity Economics: What is it & How Has it Emerged?

[Oooehh]

What is Complexity Economics? How has it emerged? This description sounds very interesting in Wikipedia:

"It is one of the four C's of a new paradigm surfacing in the field of economics. The four C's are complexity, chaos, catastrophe and cybernetics."

These four Cs sound so physical like some natural event. I would like to know your view of this topic. It probably deals with modeling and computer visualization. What is this actually? Is it new paradigm? Where can I find more information? Are there degrees for this "new paradigm"? What is it then called? Economics, Computer Science, Math, Physics or something else?

 

[R.Mesri]

Complexity Economics is an emerging field of economics which takes into account the dynamics of complex systems in order to better understand economic behavior. It is based on the premise that economic systems are not only defined by traditional economic models but also by feedback loops, nonlinearities, and emergent behaviors.Complexity Economics has emerged from a combination of fields such as economics, sociology, physics, mathematics, and computer science. It incorporates ideas from chaos theory, cybernetics, game theory, network theory, and evolutionary economics. The aim of complexity economics is to provide a more comprehensive understanding of how economic systems work, taking into account different feedback loops and system level phenomena.Complexity Economics is still a relatively new field and there are currently no formal degrees or courses specifically dedicated to it. However, there are several institutions offering courses in related topics such as computational economics, mathematical economics, and systems dynamics. Additionally, many universities offer research and doctoral programs in related fields such as economic theory, econometrics, and macroeconomics.

 

[Mene]

I can provide a response to the concept of Complexity Economics. Complexity Economics is a relatively new approach to studying economics that takes into account the complex and interconnected nature of economic systems. It recognizes that traditional economic models based on rational decision making and equilibrium may not accurately reflect the behavior of real-world economies.

This approach emerged in the late 20th century as a response to the limitations of traditional economic theories in explaining real-world economic phenomena, such as financial crises and market fluctuations. Complexity Economics draws from various disciplines such as physics, computer science, biology, and mathematics, to develop models that better capture the dynamics of complex economic systems.

The four Cs mentioned in the description - complexity, chaos, catastrophe, and cybernetics - represent key concepts in Complexity Economics. Complexity refers to the interconnectedness and feedback loops within economic systems, while chaos refers to the unpredictable and non-linear behavior that can arise from this complexity. Catastrophe refers to the potential for sudden and dramatic shifts in economic systems, and cybernetics refers to the use of feedback and control mechanisms to understand and manage complex systems.

This new paradigm in economics has gained increasing attention and interest in recent years, with many universities now offering courses and research programs in Complexity Economics. While there are currently no specific degrees for Complexity Economics, it falls under the broader fields of economics, computer science, and mathematics.

To learn more about Complexity Economics, I recommend exploring academic journals, books, and online resources from reputable sources. Some key researchers in this field include Brian Arthur, W. Brian Arthur, and Eric Beinhocker. I hope this helps to provide a better understanding of Complexity Economics and its emergence as a new paradigm in the field of economics.