Vol. 10 Núm. 2 (2019): Revista Aglala
Artículos Cientificos

A complex toolbox for the 21st century economist

Nicolás Rivera Garzón
Universidad Nacional
Miller Rivera Lozano
Universidad Santo Tomás
Publicado December 15, 2019
Palabras clave
  • General equilibrium models,
  • neoclassical thought,
  • complexity economics,
  • financial crises,
  • policymaking
Cómo citar
[1]
Rivera Garzón, N. y Rivera Lozano, M. 2019. A complex toolbox for the 21st century economist. Aglala. 10, 2 (dic. 2019), 196-211. DOI:https://doi.org/10.22519/22157360.1442.

Resumen

The Great Recession showed the limits of the models used to make economic policy, especially those of the dynamic stochastic general equilibrium (DSGE) model and computable general equilibrium (CGE) model. This paper presents a discussion of the limits that DSEG or CGE models have in the design of economic policies; it also shows the advantages that the theoretical and methodological framework of complexity economics could bring to macroeconomic analysis. This paper is divided in three sections. The first does a critical analysis of the DSGE and CGE models used in policymaking. The second section is focused in the fundamentals of complexity economics and the learning process in complex environments. In the last section, it will be discussed the advantages that complexity economics can bring to the design of public policies and the need to explore new methodologies that give policy designers greater freedom to achieve their objectives.

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