Routledge International Handbook of Complexity Economics

Ping Chen is Professor of Finance at the National School of Development, Peking University, Beijing, and a Research Fellow at the China Institute, Fudan University, Shanghai, China. Ping holds a PhD in Physics from the University of Texas at Austin, USA. Their research includes economic color chaos, birth–death process for financial markets, theory of metabolic growth and unified theory of complexity economics.Wolfram Elsner is Emeritus Professor of Economics at the University of Bremen, Germany, since 1995. He managed the Editor Forum for Social Economics from 2012 to 2018. Wolfram was President of the European Association for Evolutionary Political Economy (EAEPE) in 2012–2016 and Editor-in-Chief of the Review of Evolutionary Political Economy (REPE) since 2018. Andreas Pyka holds the chair for innovation economics at the University of Hohenheim. Currently, his research areas are knowledge-driven developments and transformation of economic systems with a particular emphasis on the knowledge-based bioeconomy and the transformation of economic systems towards sustainability.

• The Complexity of Complexity Economics, Its History and Interdisciplinarity and Its Diverse Perspectives and Future: Introduction Ping Chen, Wolfram Elsner and Andreas PykaPART I Basics and Methods in Complexity Economics I.1 Basics 1 Stairway to Complexity Mauro Gallegati and Alan Kirman2 Aspects of Discrete and Continuous Complexity Theories K. Vela Velupillai3 Knowledge Is Non‑fungible César A. Hidalgo4 What Are Reflexive Economic Agents? Position‑adjustment, SLAM, and Self‑Organization John B. Davis5 Complexity, Coevolution, and the Economy Pier Paolo Saviotti6 Complexity Economics: History, Issues, and Methods Ping ChenI.2 Methods 7 Some Thoughts on Agent‑Based Modeling and the Role of Computation in Economics W. Brian Arthur8 Economic Complexity in the Real World James K. Galbraith9 Complexity Science in the Application of Big Data Economics Linyuan Lü, Shuqi Xu and Xu Na10 Agent‑Based Modelling and Machine Learning: A New Paradigm for Complexity Economics and Sustainability Transitions? Kristina Bogner, Matthias Müller, Johannes Dahlke, Bernd Ebersberger and Thomas Berger11 The Resilience of a Complex Network: Methods and Applications Roy Cerqueti, Matteo Cinelli, Giovanna Ferraro and Antonio Iovanella12 Exploration of the Parameter Space in Macroeconomic Models Karl Naumann‑Woleske, Max Sina Knicker, Michael Benzaquen and Jean‑Philippe Bouchaud13 Stock‑Flow‑Consistent Macroeconomic Dynamics in Continuous Time Gaël Giraud and Paul ValckePART II Domains and Major Challenges II.1 Domains 14.1 Monetary Economics from Econophysics Perspective Victor M. Yakovenko14.2 Statistical Physics Perspective on Economic Inequality Victor M. Yakovenko15 Price Theory in a Complex and Evolving Economy Harry Bloch and Stan Metcalfe16 Complexity and Productivity: The Task Approach Roger A. McCain17 From Economic Chaos to Viable Markets: The Biophysics Foundation of Smith’s Theory on the Division of Labor and Schumpeter’s Wave Theory of Business Cycles Ping Chen18 The Evolution of Innovation Petra Ahrweiler19 Agriculture as a Social‑Ecological System Thomas Berger20 Network Complexity and Financial Behavior: Volume Distribution over Price in Financial Market Bing‑Hong Wang and Leilei Shi21 Trading Psychology and Market Resilience: From Brownian Motion to Birth–Death Process in Financial Dynamics Y.N. Tang22 Complex World Money: A Different Sign System of Global Social Value Waits at the Doors Hardy Hanappi23 The European Union as a Complex System in Times of Crisis Éva Kuruczleki, Anita Pelle and Marcell Zoltán VéghII.2 New Challenges 24 Socio‑Economic Implications of the Digital Revolution Dirk Helbing and Carina I. Hausladen25 Agent‑Based Macroeconomics of Climate and Digital Transformations Marcello Nieddu, Marco Raberto and Silvano Cincotti26 Economic Impacts of Natural Hazards and Complexity Science: A Critical Review Matteo Coronese and Davide Luzzati27 Climate Change from the Perspective of Complexity Economics Michael W.M. Roos28 Epidemics in Modern Economies Torsten Heinrich29 A Biophysical Approach to Production Theory Jing Chen and James K. Galbraith30 Digital Foundations of Evolvable Genomic Intelligence and Human Proteanism: Complexity with Novelty Production beyond Bounded Rationality Sheri M. Markose31 Economic Complexity and Inequality at the National and Regional Levels Dominik Hartmann and Flávio L. PinheiroPART III Political Economy and Complexity Policy III.1 Complexity Political Economy 32 An Agenda for Complex Systems Research in Political Economy Hilton L. Root33 Planetary‑Scale Computation, Political Economic Complexity and Hegemony Manuel Scholz‑Wackerle34 Potential for Mutual Enrichment? Confronting Marxian Economics and Complexity Economics Frank BeckenbachIII.2 Complexity Policy 35 Using Data‑Driven Systems Mapping to Contextualise Complexity Economics Insights Fernanda Senra de Moura and Pete Barbrook‑Johnson36 The Knowledge Complexity of the European Metropolitan Areas: Selecting and Clustering Their Hidden Features Carlo Bottai and Martina Iori37 A Complexity View on the Future of Work: Meta‑modelling Exploration of the Multi‑sector K+S Agent‑Based Model Giovanni Dosi, Marcelo C. Pereira, Andrea Roventini and Maria Enrica Virgillito

The complexity economics, based on physical algorithms and statistics to analyze economic mass data and time-series, provides an alternative paradigm to the overly-simplified mainstream rationality assumption-based Neoclassical approach for understanding macro growth, structural transformation, climate change, financial crises, trade wars and other real-world phenomena. This Handbook collects recent progresses and new insights by authors in this new discipline. I recommend the book to scholars who are interested in this new approach. Justin Yifu LinProfessor and Dean, Institute of New Structural Economics, Peking University, ChinaFormer Chief Economist, the World BankThe economic system is a supremely complex one. The traditional approach to understanding it has been to reduce complexities to simple rules and behaviors, abstracting many features of the real economy. However, thanks to the enormous increases in both the amount of data available and computing power, there is nowadays an alternative approach: the one proposed by complexity economics, a fast-growing field in economic analysis.The Handbook of Complexity Economics provides a thorough and updated vision of this very promising field and will surely encourage many scholars to deepen research in this area. Victor A. BekerProfessor of Economics, University of Belgrano and University of Buenos Aires, ArgentinaFormer Associate Editor of Journal of Behavior and OrganizationTimely and compact one-volume from a set of economists uniquely positioned to contribute about complexity. The result is an up-to-date, integrated, compelling, canonical guide-book on the contours and contents of an approach that is extremely remunerative for theory as well as actual practice in the 21st century economy. Older and younger generations now have a fresh meeting point from where to breathe new life into the most pressing intellectual and societal challenges of our age.Sandro MendonçaIscte Business School, PortugalFormer communications regulator