Complexity in Economics and Prediction: The Role of Parsimonious Factors1

Conference paper
Part of the The Philosophy of Science in a European Perspective book series (PSEP, volume 2)

Abstract

Complexity is a key feature in the sciences of design from the point of view of their framework—or constitutive elements—as well as of their dynamics. This twofold complexity affects economics insofar as it is one of the sciences of the artificial. In this regard, economics is a “science of design” that enlarges our possibilities towards the future and uses prediction as a basis for decision-making. But economics is also a social science that deals with human needs. This feature adds more factors to the analysis of its complex configuration as a science and its dynamic evolution. Commonly, the studies on complexity in economics are focused on particular forms of expression of complexity rather than on the roots of this problem as a dual science (i.e., artificial and social).

Keywords

Bound Rationality Epistemic Mode Constitutive Element Dynamic Domain Ontological Mode 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© Springer Science+Business Media B.V. 2011

Authors and Affiliations

  1. 1.Faculty of HumanitiesUniversity of A CoruñaFerrolSpain

Personalised recommendations