The Breakdown of the Traditional Mechanistic Worldview, the Development of Complexity Sciences and the Pretence of Knowledge in EconomicsReport as inadecuate




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This article is an introduction tocomplexity theory, which will be discussed using the example of economicscience. In this context, a short historical overview is intended todemonstrate why the traditional mechanistic worldview persistently remains apart of economic science and how it led to the development of the theory ofcomplex systems, which, for example, can be subsumed under chaos theory.Furthermore, a simple supply and demand model is employed as an example todiscuss this new theory and to describe the characteristics of complexity incomparison with the general mechanistic principle. For this purpose, speciallydesigned software is used for the simulation and analysis of selected complexsystems.

KEYWORDS

Bifurcation; Butterfly Effect; Chaos Theory; Complexity Theory; Nonlinear Systems

Cite this paper

A. Liening -The Breakdown of the Traditional Mechanistic Worldview, the Development of Complexity Sciences and the Pretence of Knowledge in Economics,- Modern Economy, Vol. 4 No. 4, 2013, pp. 305-319. doi: 10.4236-me.2013.44034.





Author: Andreas Liening

Source: http://www.scirp.org/



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