Skip to main content

Complexity Economics (328-0-20)

Instructors

Eric Schulz

Meeting Info

Technological Institute L361: Mon, Wed, Fri 3:30PM - 4:50PM

Overview of class

Complexity economics assumes that markets may not be in equilibrium and that the people in the economy may not perfectly understand their environment. They face fundamental uncertainty in their decision-making. Consumers, firms, and governments grope, they constantly adjust their behavior to adapt to a changing environment that they mutually create and re-create through their ongoing actions and adjustments. The updated version of this course will consider the following three areas: 1) bounded rationality and decision-making in the presence of fundamental or radical uncertainty, 2) evolutionary economics, the economics of creative destruction, and the hockey stick of history, and 3) results and implications of a complex adaptive economy.

Registration Requirements

Econ 281, Econ 310-1, Econ 310-2, Econ 311.

Teaching Method

Attendance at two lectures and a discussion section each week is expected.

Evaluation Method

Two exams, one quiz. Problem sets will be given. Class participation will count in borderline cases.

Class Materials (Required)

There is no required textbook but readings will be available.

Enrollment Requirements

Enrollment Requirements: Pre-requisite: Students must have taken ECON 310-1 or MMSS 211-1 and ECON 281 or ECON 381-1 or MATH 386-1 or IEMS 304 or STAT 350 to successfully enroll in this course.