Economics And The Complexity

This document discusses the connections between classical economics, Austrian economics, and complexity theory. It argues that (1) models in modern economics oversimplify human behavior and interactions, which are actually very complex, (2) Austrian economists like Hayek recognized economics as a complex, adaptive system and anticipated ideas from complexity theory, and (3) complexity theory provides a useful framework for understanding spontaneous order and economic change over time in a way that acknowledges our limited knowledge.