The complexity challenge: Systemist thinking, computational modeling, and pluralism in economics

Description

Most modern sciences face complex systems. Economics is no exception: social systems are complex. For economists this implies the need for change: if they want to contribute solutions to pressing challenges of our time, new theories and methods must complement existing ones, as it has happened in e.g. physics and biology. I believe that there are two general ingredients to the much-needed new economic thinking: On the theoretical level, systemist thinking not only captures the essence of complexity, it also helps to productively relate contributions from various schools of economic though. I therefore propose the meta-theoretical framework of systemism as a useful foundation for economics. On the methodological level, computational (or algorithmic) modeling techniques are a promising way to capture the complexity of social systems. Thanks to their generality, they are also useful for bringing together different approaches and schools of thought. Finally I conclude that theoretical and methodological pluralism is a prerequisite for a better understanding of complex social systems. But pluralism, necessary for scientific progress as it may be, is not a natural outcome of our scientific institutions. It has to be actively developed and sustained.

Period	12 Dec 2016
Event title	Verleihung des WIWA Nachwuchspreises für Plurale Ökonomik
Event type	Other
Location	GermanyShow on map