Abstract
Abstract The expanding research of complexity economics has been signalling its preference for a formal quantitative investigation of diverse interactions between heterogeneous agents at the lower, micro-level resulting in emergent, realistic socioeconomic dynamics at the higher, macro-level. However, there is scarcity in research that explicitly links complexity perspectives in economics with the systems thinking literature, despite these being highly compatible, with strong connections and common historical traces. We aim to address this gap by exploring commonalities and differences between the two bodies of knowledge, seen particularly through an economics lens. We argue for a hybrid approach, in that agent-based complexity perspectives in economics could more closely connect to two main systems thinking attributes: a macroscopic approach to analytically capturing the complex dynamics of systems, and an inter-subjective interpretivist dimension, when investigating complex social-economic order. Illustrative discussions of city sustainability are provided, with an emphasis on decarbonisation and residential energy demand aspects.
Highlights
IntroductionThe growing body of economics research concerned with complexity ideas has been drawing inspiration from developments in the complexity movement in the mathematical, computer and natural sciences, which, in turn, has co-evolved with another interrelated scientific movement, that of systems thinking
Contemporary large-scale urban problems are often interlinked, circular, valueridden, historical and contextual
That we provide some illumination, as to the added value of bringing these two dimensions into a hybrid complexity economics—systems thinking approach, we dwell on more specific urban sustainability issues, namely decarbonisation, and more pointedly, energy demand side aspects, such as energy efficiency in buildings and residential energy consumption choices
Summary
The growing body of economics research concerned with complexity ideas has been drawing inspiration from developments in the complexity movement in the mathematical, computer and natural sciences, which, in turn, has co-evolved with another interrelated scientific movement, that of systems thinking. The latter challenges our existing mental models and aims to ‘replace a reductionist, narrow, short-run, static view of the world with a holistic, broad, long-term, dynamic view, reinventing our policies and institutions ’
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
