Journal on Policy and Complex Systems • Volume 4 , Number 1 • Spring 2018
Keynes , Hayek , and the Roots of Complexity Theory in Economics
Hilton L . Root George Mason University
Abstract
This paper explores the deep roots of complexity theory in economics . It looks at the great debate between John Maynard Keynes and Friedrich Hayek — both of whom used theories that presaged the complexity science approach . That debate , often defined as a debate between optimism and pessimism , is really about how they viewed the economic system . Both saw it as a “ living ” system of interacting parts , and both aspired to a global order . But Keynes saw the economy as a mechanism to be decoded and controlled , and believed that cultural refinement and technical prowess are mutually reinforcing . For Hayek , the economy is best left to its own self-organizing dynamics — even though the disequilibrium means every boom is eventually followed by a bust . Both arguments have merits and weaknesses , but an important paradox in Hayek ’ s position has become apparent over time : The free trade he promoted also allows economies to thrive that threaten the system of human values , and that protect sovereignty over human freedom .
Keywords : Keynes ; Hayek ; complexity theory ; economics
Keynes , Hayek y las raíces de la teoría de la complejidad en la economía
Resumen
Este documento explora las raíces profundas de la teoría de la complejidad en la economía . Observa el gran debate entre John Maynard Keynes y Friedrich Hayek — ambos usaban teorías que
155 doi : 10.18278 / jpcs . 4.1.8