Applications and Frontiers
Edited by Victor Galaz
Chapter 9: Complexity, resilience and economics
Economic policies for complexity must tackle spatial variations, teleconnections, missing institutions, strategic interactions, fast and slow dynamics, feedback loops, uncertainties, and regime shifts. This chapter reflects on how resilience theory and economics could mutually benefit to better design such policies. The resilience principles suggest that three key social-ecological system properties (1. diversity and redundancy; 2. Connectivity; and 3. slow variables and feedbacks) must be managed and list four key attributes of governance (1. foster complex adaptive system thinking; 2. encourage learning; 3. broaden participation; and 4. promote polycentric governance). Insights from economics suggest strategic interactions as another key system properties to be managed and property rights as an additional key attribute of the governance system. Economics could also help understand and manage participation and polycentricity, set priorities for learning, assess causality, and improve emergence processes by designing policies to steer the social-ecological system toward a more desirable outcome.
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