Routledge Dictionary of Economics, Second Edition
A study of agents interacting simultaneously in a multiple cause and effect feedback. It looks at the emergence of a new phase of a system and a large range of potentials instead of forecasting on the basis of a simple cause and effect chain.
The Santa Fe Institute of New Mexico, founded in 1984, pioneered this form of analysis.
References
Arthur, W.B., Durlauf, S.D. and Lane, D.A. (1997) ‘The economy as an evolving complex system’, Proceedings of the Evolutionary Path of the Global Economy Workshop, Santa Fa, New Mexico, September, Boulder, CO: Westview Press.
This is the complete article, containing 94 words
(approx. 1 page at 300 words per page).
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