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• W1549202825 abstract "ABSTRACT. Although it is a relatively new subject discussed worldwide by economic researchers, the complexity paradigm invites us to make ample incursions in time in order to understand the substantial differences between the optics of standard economic theory and the holistic approach of the new economy. For hundreds of years the ideas regarding economic systems have continuously refined themselves. By making an incursion in the history of economic thought, concepts such as 'the invisible hand' or 'spontaneous order' are brought to light, concepts which have no purpose but that of capturing the self-organizing characteristic of economic systems and their unique structure based on autonomous agents, features particular only to complex systems.JEL Classification: B25, B41, B53, Z13Keywords: natural order, complexity theory, holistic view, complex systemsINTRODUCTIONFriedrich Hayek is considered to be a fair exponent of the second generation of the Austrian School of economic thought who not only made significant contributions in improving its theories, but also introduced a new expression in the literature of the field, namely that of 'spontaneous order'. He observed that society is characterized by another type of order, not designed by men, but emerged from their actions. This idea shook the grounds of the theory which postulated that wherever an order exists, an individual must also be present in order to create that order. This theory is derived from the concepts of the social evolution and enabled researchers to base the theoretical explanation of the structure of biological phenomena1. The relations which occur in the marketplace arise and renew themselves continuously and the conditions which lead to their constant reshaping have been modelled by evolution, from which a spontaneous order has emerged.Hayek understood the nature of complex phenomena and accurately associated them with the economy2. By the emphasis on spontaneous order and the view upon prices (seen as systems of information storing) the Austrian economist can righteously be considered a predecessor of the complexity theory in economics.Competition 'is the only method which can ensure the proper coordination of the participants at the economic process'3 (Hayek), and the price system is a barometer of the economic activity. However, we cannot ignore the liberalist thinkers' tendency to explicitly claim that the spontaneous functioning of a market economy necessarily leads to solving problems and achieving goals set by the participants at the economic activity.Seen as a 'science of trade', Hayek's catallaxy refers to the spontaneous social order or the 'organized disorder' which occurs throughout the marketplace. In a Hayekian sense, we no longer deal with a rational or imposed allocation of resources and the objective of theoretical preoccupations is no longer the allocation of resources but the optimum diffusion of information4. Ergo the role and mission of the market; through its well known relays - the prices, the market reveals itself as an optimum system of transmitting information.Among his last papers5, Hayek focuses on studying 'the complex phenomena which have a structure based on characteristic features that can only be explained by models with a significant number of variables', research which proves the undisputable fact that he was a predecessor of the complexity approach in economics. The author explains that 'organized complexity' is 'dependent no only on the features of the elements which compose it, but also on the relative frequency with which they occur and especially on the manner in which they interact with one another'.THE HAYEKIAN UNIVERSEThe Austrian School of economic thought has provided throughout time a number of philosophers and theorists which have influenced and shaped the face of economy and the approach towards economic issues. Among them we include the outspoken liberalist Hayek6, which a critic observer might consider, based on his research and interdisciplinary view, a predecessor of the complexity paradigm in economics. …" @default.
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• W1549202825 date "2012-12-01" @default.
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• W1549202825 title "Complexity Theory and Hayekian Natural Order" @default.
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