Alternative perspectives on connections in economic systems |
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Authors: | Peter E Earl Tim Wakeley |
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Institution: | (1) School of Economics, University of Queensland, St. Lucia, Brisbane, QLD 4072, Australia;(2) Department of Accounting, Finance and Economics, Griffith University, PMB 50 Gold Coast Mail Centre, Gold Coast, QLD 9726, Australia |
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Abstract: | This paper explores the significance of Potts’s (2000) claim that the key difference between orthodox and heterodox economics lies in the former viewing the economy as a mathematical
field in which everything is connected to everything else, and the latter viewing it as a complex system in which only some
elements are connected. It focuses on the types of connections in economic systems that different economists have identified
and the significance of the degree of connectivity for how economic systems function. Topics explored include separable consumer
networks, separable utility functions, checklist-based decision rules, lifestyles, goodwill, the nature of business strategies
and evolution. |
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Keywords: | |
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