The Path to a Modern Economics Dealing with the Complexity of Econom
The book illustrates how the treatment of complexity in analytical frameworks shapes economic studies. It explores the ways economists make sense of our economic environment and where their differences in interpretations of economic issues and policy prop
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Henning Schwardt
The Path to a Modern Economics Dealing with the Complexity of Economic Systems
Henning Schwardt Denver, CO, USA
ISBN 978-3-319-52784-0 DOI 10.1007/978-3-319-52785-7
ISBN 978-3-319-52785-7 (eBook)
Library of Congress Control Number: 2017937052 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover design by Samantha Johnson Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
This book offers an overview of different approaches to economic analyses. How we deal with the complexity of real-world economic systems in the formulation of the analytical framework we draw on for our understanding influences how we perceive our economic environment. Our approach shapes how we view a situation, what we believe needs to be addressed to change that situation, and how we think we may be able to accomplish this. These frameworks have been developed over longer periods of time. The oldest ones have their roots in concepts formulated a couple of centuries ago, while newer ones have developed out of the advances in other sciences over the last decades. It is, however, interesting to reread older economics texts, because not everything the authors observed and developed has been integrated into more formal frameworks that rely on their writings. The ability to translate thoughts into the acceptable methodological tools of the time has partly determined what was adopted, what was nominally integrated, and what was left aside and eventually forgotten, at least by most. Advances in our ability to formulate formal analyses have made earlier ideas more accessible in ways that has been deemed acceptable by
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