Department

Economics

Document Type

Article

Publication Date

2010

Abstract

The standard economics text is centered on a vision of a naturally self-regulated, dynamically stable system with a unique global attractor. This paper discusses how we got there and how recent developments in the study of dynamical systems allow us to go beyond that. It traces the evolution of the teaching of economics from Alfred Marshall, who built his supply-and-demand framework within a complexity vision of the economy. It suggests that that complexity vision was lost as economists formalized the supply- demand framework and extended it to the entire economy. This paper argues that the current textbook presentation of economics should not and cannot serve as the only intellectual frame we provide to our students.

Citation

David Colander and Casey Rothschild (2010). Sins of the Sons of Samuelson: Vision, Pedagogy, and the Zigzag windings of Complex Dynamics. Journal of Economic Behavior and Organization 74(3) (2010).

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