Category: Complexity Economics
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Book Review: Complexity and the Art of Public Policy
In Complexity and the Art of Public Policy, David Colander and Roland Kupers introduce the “complexity frame” of policy-making, and argue for bottom-up policy-making like nudging individuals to make decisions more in line with the goals of the public choosers. In Part 1, “The Complexity Frame for Policy,” Colander and Kupers reduce the old policy…
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Undecidability, Incompleteness and Irreducibility in Mathematical Economics
This essay is written in the style of Morgenstern’s “Thirteen critical points in contemporary economic theory” (1972) Methodological thinkers in economics usually translate decision theory as it pertains to economic decisions as choice theory, that is, rational choice theory. The cutting edge may go as far to admit bounded rationality into their choice theory, but criticism…