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    STUDIA INFORMATICA - Issue no. 2 / 2011  
         
  Article:   SELF-ORGANIZED CRITICALITY AND ECONOMIC CRISES.

Authors:  ANDREI SÎRGHI, D. DUMITRESCU.
 
       
         
  Abstract:  

The conventional economic science appears to have ignored some important phenomena of economic systems by treating them as exceptions – namely the destructive phenomena. Relying on various widely accepted models and theories that practically avoid the occurrence of failures, depressions, crises and crashes, the economic science is incomplete and clearly needs a major reorientation and a change of focus from the deterministic to the holistic perspective.This paper is primarily oriented on discovering and understanding the destructive phenomena in economic systems through the paradigm of complex systems. Introducing a new economic model based on a connective structure borrowed from neurosciences, interesting behaviour is emerging even for a very simplistic economic system like a distribution network. A new cause for the apparition of economic crises which is unconventional and totally different from the common views is identified and brought to light.

Key words and phrases. complex systems, self-organization, self-organized criticality, econnectome, economic crises, crashes.

 
         
     
         
         
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