Econophysics and Economic Complexity

Advances in Complex Systems, Vol. 11, Issue 5, pp. 745-760, 2008

Posted: 25 Nov 2009

See all articles by J. Barkley Rosser, Jr.

J. Barkley Rosser, Jr.

James Madison University - Economics Program

Date Written: October 2008

Abstract

This paper discusses the debate between those advocating a computational and those advocating a dynamic definition of complexity, and how this relates to issues in econophysics. It then reviews the criticisms that have been raised about ways in which econophysics has been done, noting that many of these are now being dealt with. Finally, it argues that while an obvious way to resolve many of these matters is to have economists and physicists work together, the physicists should be sure to work with economists who understand the complexity critique of conventional economic theory and are thus not led astray into building models that have some of the problems of standard economics models that most econophysicists have striven to overcome.

Keywords: Bubbles and crashes, complexity, econophysics, emergence

Suggested Citation

Rosser, Jr., J. Barkley, Econophysics and Economic Complexity (October 2008). Advances in Complex Systems, Vol. 11, Issue 5, pp. 745-760, 2008, Available at SSRN: https://ssrn.com/abstract=1512234

J. Barkley Rosser, Jr. (Contact Author)

James Madison University - Economics Program ( email )

United States
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540-568-3010 (Fax)

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