This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.

This work focuses on the implications of the complexity vision, such as that held by economists at the Santa Fe Institute, for the teaching of economics. This complexity vision suggests that answers to questions such as how do markets develop and how do they evolve need to be approached head on. Complexity economics is beginning to do just that.

Economics is the study of a complex system in which simple laws are not always forthcoming. That complexity mandates three branches of the profession: positive, normative and the art of economics. The economics profession has focused on one of these - positive economics, and in doing so has lost the art of economics. In a series of essays, the author argues that most of what economists do is applied policy, which belongs in the art of economics, not in normative or positive economics. These essays explore the forces in academic institutions that have led economics to its current position, as...

To do science is to find patterns, and scientists are always looking for p- terns that they can use to structure their thinking about the world around them. Patterns are found in data, which is why science is inevitably a qu- titative study. But there is a difficulty in finding stable patterns in the data since many patterns are temporary phenomena that have occurred r- domly, and highly sophisticated empirical methods are necessary to dist- guish stable patterns from temporary or random patterns. When a scientist thinks he has found a stable pattern, he will generally try to capture that...