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189959

(2013) Hayek and behavioral economics, Dordrecht, Springer.

Complexity and degeneracy in socio-economic systems

Gerald R. Steele , Hamid Hosseini

pp. 313-327

Roughly by a complex system I mean one made up of a large number of parts that interact in a non-simple way. In such systems, the whole is more than the sum of the parts, not in an ultimate metaphysical sense, but in the important pragmatic sense that, given the properties of the parts and the laws of their interaction, it is not a trivial matter to infer the properties of the whole. (Simon, 1962, p. 468)

Publication details

DOI: 10.1057/9781137278159_14

Full citation:

Steele, G. R. , Hosseini, H. (2013)., Complexity and degeneracy in socio-economic systems, in R. Frantz & R. Leeson (eds.), Hayek and behavioral economics, Dordrecht, Springer, pp. 313-327.

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