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Since complexity theory as a tool, has not been included in the standard tool kits of our economics courses, it is pertinent to have a basic idea of before proceeding to apply to the policy process.
The complex systems are basically dissipative structures that import free energy and export entropy in a way that enables them to self organize their structural contents and configure subject to boundary limits. They maintain their boundaries but at the same time, they are open systems that are irrevocably connected to the environment that contain other systems that can be complementary, competitive, cooperative as well as non-cooperative, predictive or available as prey. Systems that absorb information from their environment and create store of knowledge that can aid actions, are called complex adaptive system.
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explain the stages and various coordination mechanisms involved in policy process?
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Introduce uncertainties in attainments of policy outcomes, winning of elections, optimistic and pessimistic expectations of agents and relate it to various adjustments and converge
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A variety of interventions can affect outcomes. The important one are, intervention to solve coordination problem, information as an interventions, interventions to change the dyn
principles of multi unit finance
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