https://economicphilosophy2017.weaconferences.net Complexities in Economics Mon, 09 Jun 2025 12:42:14 +0000 en-GB hourly 1 https://economicphilosophy2017.weaconferences.net/papers/complexity-in-the-theory-of-economic-evolution-of-thorstein-veblen-an-introduction/ https://economicphilosophy2017.weaconferences.net/papers/complexity-in-the-theory-of-economic-evolution-of-thorstein-veblen-an-introduction/#comments Sat, 30 Sep 2017 10:04:26 +0000 http://economicphilosophy2017.weaconferences.net/?post_type=wea_paper&p=195 Thorstein Veblen is a classic author, recognized for his writings on institutions and economic change. The complexity perspective, on the other hand, is a relatively contemporary approach for studying a considerable range of phenomena both in natural and social sciences. There are important issues concerning the relation between the two lines of inquiry, but, in comparison, few works that undertake the task of investigating those links. This paper attempts to take some introductory steps in that direction in two ways. First, it identifies zones of convergence between the complexity view and Veblen’s theory of economic evolution. Secondly, it makes an effort to interpret the latter in terms of the former. Three major elements are emphasized in this regard, namely the psychology of the agents, the continuous evolution and adaptation of the institutional structure and the role of technology in this process. The conclusion is that, although being a preliminary effort, this paper establishes a good case for a more profound comprehension of Veblen’s work as circumscribed in the more broad complexity approach, providing, moreover, some directions on how this ought to be accomplished.

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