Complex systems as tool for policy process, Public Economics

Assignment Help:

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.


Related Discussions:- Complex systems as tool for policy process

Explain the social and economic implications of budget, Question 1 Legisla...

Question 1 Legislature, most commonly known by the name parliament, forms the first important organ of a political organization and to hold this position it performs certain func

distinguish between occupancy rate, In the context of hospital care, expla...

In the context of hospital care, explain and distinguish between occupancy rate, capacity, and utilization.

Indirect taxes on smoking, Discuss whether high indirect taxes are the best...

Discuss whether high indirect taxes are the best way to discourage smoking.

Summary of environmental policy, Normal 0 false false false...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Case for improving upon the market system -pigovian analysis, Case for Impr...

Case for Improving upon the Market System   Unlike the "optimistic followers"  of the "classical school" who believed  that markets  would  "natural!yn  or "automatically" prod

Current system of national income accounts, Normal 0 false fa...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Compensation principles, (b) Assess the application of Kaldor’s compensatio...

(b) Assess the application of Kaldor’s compensation principle in resolving Pareto non-comparability and explain how the principle differs from the Hick''s compensation principle

Emerging issues affecting the role of government, Probelm 1: (a) What ...

Probelm 1: (a) What are the main roles of Government in the economic development of a country? (b) What are some of the emerging issues affecting the role of Government?

Collectivist enforcement, The coordination problem relates us to not only t...

The coordination problem relates us to not only the levels of activities like research and developments (R&D) and investments but also to the behaviour of institutions that charact

How state should intervene through government apparatusin, Why and how the ...

Why and how the State should intervene through government apparatusin the economic sphere of the country, has been a significant discourse in economicsfor long. According to one th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd