Details for OECD insights - complexity, modesty and economic policy
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OECD insights - complexity, modesty and economic policy

Societies and economies are complex systems, but the theories used to inform economic policies predominantly neglect complexity. They assume for example representative agents such as a typical consumers, and they also assume that the future is risky rather than uncertain. This assumption allows for the application of the probability calculus and a whole series of other techniques based on it.

Lex Hoogduin, University of Groningen and GloComNet

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