The Economy as an Evolving Complex System IV, pp. xx–xx
DOI: 10.37911/9781947864665.02
5. Some Reflections on Complexity Economics: Research in the SFI Spirit
Author: William Brock, University of Wisconsin, Madison, and University of Missouri, Columbia, and Cars Hommes, Bank of Canada, University of Amsterdam, and Tinbergen Institute
Abstract
This chapter discusses some of our thoughts and reflections about complexity research in economics at the Santa Fe Institute and beyond in the last few decades. We cover a wide arrange of complexity economics topics: detecting chaos and nonlinearity in economic data, early warning signals, complex dynamics under bounded rationality and heterogeneous expectations, empirical validation of heuristics switching models, social interactions, experimental macroeconomics, managing positive feedback in complex systems, and climate modeling. We discuss some policy implications and end with a short future perspective.
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