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Grounding Complexity Economics in Framing Modern Governance

Kovács, O. (2020): Grounding Complexity Economics in Framing Modern Governance. Acta Oeconomica, Vol. 69, No. 4, pp. 571-594. (Journal category: Q2)

This paper addresses the hottest potato of economics today, namely why the profession seems to have been lulled into a sense of false security in spite of flourishing economic models as well as subfield-knowledge in various disciplines? The embarrassing question of the Queen of England ‘why did nobody see the crisis of 2008 coming’ emblematically signalled the failure of the collective imagination of the entire profession to understand the system and its emerging patterns. The present paper can be seen therefore as a clarion call for grounding a shift towards an economics barded with the lessons learnt in complexity science in shaping modern governance.

Keywords: complexity, complex system, uncertainty, economic governance

JEL classification indices: B10, D8, E60, H00, P50

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