Complexity Economics

When we discuss mainstream economics, we often take up individual (utility/optimization of choices) and steady equilibrium as dominant factors to analyse various economic decisions. But after the 2008 financial crisis, these neoclassical thoughts gave less to no light towards policymaking. This gave rise to an interest in applying complex science in economics. Complexity economics is this basic application of everyday complex choices and situations to find a solution to economic problems. Here, economics is seen as a complex system, which accounts for the mutual interactions individuals have. These interactions in turn affect the strategy and response to the economic choices made thereafter.