Complexity defying macroeconomics

In this paper, Pablo Paniagua explains the limits of contemporary macroeconomics from a complexity perspective.

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Robin Douglass: Morality and Sociability in Commercial Society: Smith, Rousseau and Mandeville

In 1756 Adam Smith reviewed Jean-Jacques Rousseau's Discourse on Inequality and claimed that it was indebted to the second volume of Bernard Mandeville's The Fable of the Bees. While much recent scholarship has taken this as the point of departure for studying Smith's engagement with Rousseau, the place of Mandeville in shaping that engagement has been largely neglected.

Mark Pennington: Robust Political Economy and the Priority of Markets

This essay offers a “nonideal” case for giving institutional priority to markets and private contracting in the basic structure of society. It sets out a “robust political economy” framework to examine how different political economic regime types cope with frictions generated by the epistemic limitations of decision-makers and problems of incentive incompatibility.

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