Why is the economy “complex”? For all the recent advances in the management sciences, businesses today face markets full of unexpected events, from cascading failures of lending institutions to speculative investment and the explosive growth of tech firms. In this talk, I argue that the...

This paper develops a baseline agent-based macroeconomic model and contrasts it with the common dynamic stochastic general equilibrium approach. Although simple, the model can reproduce a lot of the stylized facts of business cycles. The author argues that agent-based modeling is an adequate...

Purpose – The purpose of this paper is to provide a review of the innovation literature, with special focus on studies applying a complexity perspective. As a contribution in its own right to the innovation literature, the review clarifies the concept of complexity, explores possible points of...