Sunday, August 25, 2013

Lars P. Syll — Krugman once again on math-in-economics

Keynes on the inappropriateness of atomism in the case of organic systems, hence the fallacy of using atomistic models in representing phenomena embedded in complex systems.

Biology arises out of physics in the sense that matter is constituted of atoms. But different combinations of atoms, e.g., at the protein level, result in complexity and emergence that cannot be either induced or deduced from the properties of the atoms. Analysis of microfoundations only go so far in explanation involving complex systems in which the whole is greater than the sum of the parts.

Krugman once again on math-in-economics
Lars P. Syll | Professor of Social Studies and Associate Professor of Economics, Malmo University

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