Repository | Book | Chapter
Complexity and degeneracy in socio-economic systems
pp. 313-327
Abstract
Roughly by a complex system I mean one made up of a large number of parts that interact in a non-simple way. In such systems, the whole is more than the sum of the parts, not in an ultimate metaphysical sense, but in the important pragmatic sense that, given the properties of the parts and the laws of their interaction, it is not a trivial matter to infer the properties of the whole. (Simon, 1962, p. 468)
Publication details
Published in:
Frantz Roger, Leeson Robert (2013) Hayek and behavioral economics. Dordrecht, Springer.
Pages: 313-327
Full citation:
Steele Gerald R., Hosseini Hamid (2013) „Complexity and degeneracy in socio-economic systems“, In: R. Frantz & R. Leeson (eds.), Hayek and behavioral economics, Dordrecht, Springer, 313–327.