Economies and societies are complex and evolving systems. Their dynamics, networks, interactions, and heterogeneity are what the Complexity Economics Working Group is interested in.
The world we live in is interconnected on all possible levels. To address this the YSI Complexity economics working group explores the emerging field of complexity economics. As a field, complexity economics is related to evolutionary economics, control theory and chaos theory. It is an interdisciplinary approach to economic problems, which makes use of a plethora of methods that aim to account for details that are disregarded in more traditional approaches.
By using methods including traditional mathematical/analytical models, traditional econometrics, optimization algorithms, object oriented programming and simulations, complexity economics accounts for network effects, interconnectedness, positive and negative feedback and many other effects.
Complexity economics extends and complements traditional economics in situations where the influence of the above-mentioned factors impairs the explanatory power of other approaches. Complexity economics is a new and emerging field and is still underrepresented in the economics curriculum. The complexity economics working group is a much needed space for interested young researchers and students to interact and educate themselves. Access to the Institute of New Economic Thinking’s network of scholars makes the group a very rewarding place to engage in discussions of issues related to complexity.
The complexity economics working group was the first YSI working group founded in autumn 2012. We meet on a more or less regular schedule to share and to discuss new and existing literature from the field. On numerous occasions we’ve had the opportunity to welcome renowned scholars from the field in our sessions to discuss their research with us. Past speakers include Alan Kirman, W. Brian Arthur, and Doyne Farmer as guest speakers.