April 25, 2013 — Ben Ramalingam
Can we rely on our current understanding of the economy?
Many would argue that standard economic theory enabled us to analyse and understand the economy as it used to be,with long stable periods punctuated only by occasional crises. However, the recent evolution of the global economy should drive us to pursue ways of expanding economic theorysuch that it encompasses the new structures and organizationemerging as we globalize and network our world.
This is from a great new paper by Dirk Helbing and Alan Kirman, which asks and attempts to answer many questions that are of importance to development, and answer them by drawing on ideas from complexity theory. Well worth a read.
