Quote of the Week

What emerges in the aggregate may have little to do with what happens at the individual level.  But this aggregate cannot be simply described by some set of aggregate equations.  It emerges out of the soup of the individual and particular with all its multiform interactions and peculiarities.

— J. Barkley Rosser, “Complexity in Economics”

This, I think, encapsulates the methodological individualism of the Austrian School (amongst others). And yes, I’m beginning to familiarize myself as much as I can, given the limits to my command of math (although I’m getting there), with the literature on complexity economics.

  • Roman P.

    Agree with the first and the third sentences. As response to the second I’d suggest Rosser stopped using cars, stoves and thermometers.

  • Adrian Zuur

    Until someone finds an Ideal Gas Law of society, I’ll agree with the second sentence, at least when talking about social science.