Authors: Aurelian Bondrea; Larisa Mihoreanu; Carmen Costea; Adrian Vasile
Addresses: USH Bucharest, Romania ' ASE Bucharest, Romania ' USH Bucharest, Romania ' ASE Bucharest, Romania
Abstract: The recurrence of economic crises serves to illustrate the limits of neoclassical economics and the contemporary established models. Modern-day economic developments are highly influenced by the theory of complexity. In terms of thermodynamics, the inputs of the process consists in economically valuable natural resources and the outputs are worthless wastes; the matter-energy is absorbed in the economic process in a low entropy state which in turn is eliminated in a state of high entropy. Consequently, an updated methodology is required as all activities and overall economic processes demonstrate the inevitably entropic processes. Complex systems research represents the viable alternative for sustainable growth in the following decades. The concept of emergence represents an insightful argument against the well-planned and ordered nature of the social sciences universe. The study of complex systems, evolutionary economics and interdisciplinary research offers the possibility of new developments.
Keywords: rationality; systemic crisis; sound development; societal innovation; behavioural science; complex systems; economic crisis; science of society; sustainable growth; economic growth; emergence; evolutionary economics; interdisciplinary research; complexity theory.
World Review of Entrepreneurship, Management and Sustainable Development, 2015 Vol.11 No.2/3, pp.172 - 185
Available online: 18 Mar 2015Full-text access for editors Access for subscribers Purchase this article Comment on this article