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The impossibility of an Effective Theory of Policy in a Complex Economy

Velupillai, K.V.
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http://hdl.handle.net/10379/1079
 https://doi.org/10.13025/23073
Publication Date
2005
Keywords
Theory of policy, Dynamical system, Computation universality, Recursive rule, Complex economy, Economics
Type
Working Paper
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Citation
Velupillai, K.V., (2005) "The impossibility of an Effective Theory of Policy in a Complex Economy" (Working Paper No. 0094) Department of Economics, National University of Ireland, Galway.
Abstract
It is shown that for a 'complex economy', characterised in terms of a formal dynamical system capable of computation universality, it is impossible to devise an effective theory of policy.
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Publisher
National University of Ireland, Galway
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Attribution-NonCommercial-NoDerivs 3.0 Ireland
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Economics (Working Papers)