Complex systems as tool for policy process, Public Economics

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Quantitative policy process depends on a portfolio of tools that have been drawn from a variety of disciplines besides discretionary political decision. Over the past two decades a new way of thinking has come to prominence; principally in natural sciences. Although, all the usual physical laws are obeyed, many systems are now viewed as ‘complex' and as such, cannot be very well understood using standard approaches to theorizing and modeling. As we have seen in the last sections, policy makers' self interests and in homogeneity i.e., heterogeneity and dynamised set up with time element causing time inconsistency problem pull the policy process away from the standard idealized would theories, it makes the case best to look for the tools of complex system to approach the problem at hand.

Some economists view complexity science as just another ‘fad' that will pass. But we will see by the end of this block that the underlying handicap of our standard tools and various promises the tools of the science of complexity, offer a more radical challenge that economics has faced as a discipline science since importation of the tolls of calculus and field theory from physics in the late 19th century.


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