Complexity Economics

Possible repercussions of economic crisis on the stability of democracies that already show significant signs of fragility

The Keynesian Economics and Complexity Economics Working Groups announce two special sessions, to be held at the annual conference of the EEA in New York.

The YSI Complexity Economics Working Group is delighted to invite all Young Scholars interested in Agent Based Modeling to apply for the Summer School on Computational Methods and Agent Based Modeling (Curitiba Summer School)

The FSR Energy Innovation Area and the Complexity Economics Working Group of the Young Scholars Initiative (YSI) have the pleasure to invite you to participate in the 1st Energy Innovation Academy.

The workshop aims to bring together experienced researchers with young scholars in the fields of Innovation, Economic Complexity and Economic Geography to understand knowledge accumulation and spillovers through products, people and places. Those interested in interdisciplinary research, especially bridging a gap between these topics are strongly encouraged to apply. 

The World Economic Roundtable seeks to help the business, investment, and policy communities understand ongoing changes in the world economy and to promote a discussion of ideas that can advance the goal of a widely shared global prosperity.

If standard economic theory can’t explain a traffic jam, how can it cope with crises?

Young Scholars from the YSI working groups on Innovation, Complexity Economics, Philosophy of Economics and Financial Stability will present their research at a one-day workshop following The Economics of Post-Factual Democracy conference in Copenhagen, Denmark.

Notes from the Institute’s Director of Research on some significant papers and contributions produced in 2016 under the INET rubric 

Prof. Sanjeev Goyal explains his general theory of network formation based on individual incentives, and their economic implications

The financial crisis of 2008 was unforeseen to a significant extent. One reason is that the dominant academic theories influencing political decision makers ignore recent advances and instead rely largely on models and decision science dating back to the Second World War.

Senator Elizabeth Warren, Federal Reserve Chairman Janet Yellen, and IMF Managing Director Christine Lagarde joined a renowned group of globally influential women in discussing how the financial system can be re-imagined to truly benefit society.

John Muth proposed the Rational Expectations Hypothesis (REH) to represent how the market (an aggregate of its participants) understands and forecasts outcomes. REH imposes internal consistency between the market’s forecasts and “the relevant economic theory” (Muth 1961, p. 316).

The largely unexpected arrival of the global economic crisis and the largely unpredicted slowness of the recovery from the Great Recession should be precipitating an intellectual crisis across economics and policy making. We require additional theories and additional methods to detect how an economy is evolving and to provide the basis for policy intervention (Haldane, 2014).

The central concepts of Keynes’ macroeconomic theories concerning the behavior of labor markets, aggregate demand, and asset pricing can be formulated as special cases of a general social interaction model.