“Complexity offers a new and different approach to economics — it frees economics from its overdependence on static equilibria and hyper-rational agents.  Gonzalo Castaneda's textbook is wide-ranging, highly readable, and super-instructive. A must-read for anyone interested in the new economic thinking.”

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— W. Brian Arthur, Santa Fe Institute. Author of Complexity and the Economy.

 

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“While the mainstream approach in economics is dying, a new paradigm — that of complexity — is replacing it. This encyclopedic book introduces students to the basic tools and offers scholars material to reflect on the relevance and limitations of the approach. It cannot, therefore, be missing from the library of every economist.”

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— Mauro Gallegati, Professor of Macroeconomics at Marche Polytechnic University, Ancona, Italy.

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“Gonzalo Castañeda’s timely volume provides a tour d’horizon of the burgeoning research on applications of the theory of complex dynamic systems in the social sciences. Its 21 chapters cover a variety of recent developments from self-organization in agent-based models and cellular automata to evolutionary processes and network formation. The sheer breadth of the coverage of relevant material is most impressive. All chapters work out the main building blocks and unifying features of different classes of dynamic processes and emphasize their value-added in explaining phenomena that more traditional theories struggle with. The book would provide an excellent reference for a course on complex dynamics for Master or PhD students.”

 

— Thomas Lux,  Professor of Monetary Economics and International Finance at the University of Kiel, Germany