The Complexity Era in Economics

The Complexity Era in Economics

Richard P.F. Holt, Southern Oregon University, Ashland, Oregon, USA

J. Barkley Rosser, Jr., James Madison University, Harrisonburg, Virginia, USA

David Colander, Middlebury College, Middlebury, Vermont, USA

Correspondence address: Richard P.F. Holt, Southern Oregon University Ashland, Oregon, USA.

E-mail: rholt@sou.edu

ABSTRACT This article argues that the neoclassical era in economics has ended and is
being replaced by a new era. What best characterizes the new era is its acceptance that
the economy is complex, and thus that it might be called the complexity era. The
complexity era has not arrived through a revolution. Instead, it has evolved out of the
many strains of neoclassical work, along with work done by less orthodox mainstream
and heterodox economists. It is only in its beginning stages. The article discusses the
work that is forming the foundation of the complexity era, and how that work will likely
change the way in which we understand economic phenomena and the economics
profession.

The Complexity Era in Economics

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