2min snip

COMPLEXITY cover image

David Krakauer on Emergent Political Economies and A Science of Possibility (EPE 01)

COMPLEXITY

NOTE

** mathematical economics **

The history and theoretical successes of complexity thinking in economics are discussed, emphasizing the importance of understanding the interplay of variables, emergent phenomena, invention, and innovation. Francis Edgeworth's paper from 1889 titled 'Points at which Mathematical Reasoning is Applicable to Political Economy' highlighted three key points: the lack of sufficient data for a real theory at the time, uncertainty about prime factors, and the focus on models over general theories in economics. Edgeworth emphasized the importance of mathematical reasoning in political economy beyond arithmetic, including economic algebra and non-numerical mathematics.

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