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New: Rethinking Economics Using Complexity Theory

Fri, 12 Jul 2013 03:38:31 GMT

In this paper we argue that if we want to find a more satisfactory approach to tackling the major socio-economic problems we are facing, we need to thoroughly rethink the basic assumptions of macroeconomics and financial theory. Making minor modifications to the standard models to remove “imperfections” is not enough, the whole framework needs to be revisited. Let us here enumerate some of the standard assumptions and postulates of economic theory.

1. An economy is an equilibrium system

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