Complexity thinking has provided new insights into economic problems. Nevertheless, in many respects it has also reminded us of older approaches to economic analysis, long side-lined by economic orthodoxy but now rediscovered. This chapter starts with some of the central tenets of orthodox economic analysis; it considers how these are put in question by complexity thinking; and it provides three examples of the ‘agile policy-making’ that this new perspective provides. It points to some of the profound institutional changes needed to produce an efficient economic policy, in a world of limited predictability and control.
|Title of host publication||“To the Man with a Hammer…”:|
|Subtitle of host publication||Augmenting the Policymaker’s Toolbox for a Complex World|
|Place of Publication||Gütersloh, Germany|
|Number of pages||14|
|Publication status||Published - 15 Feb 2016|