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Hayek Programme Online Webinar Series

Dealing with complexity in macroeconomics

Pablo Paniagua (King's College London)

Wednesday 10 July 2024 16:00 - 18:00

Many of our seminars and public events this year will continue as in person or as hybrid (online and in person) events. Please check our website listings and Twitter feed @STICERD_LSE for updates.

Unless otherwise specified, in-person seminars are open to the public.

Those unable to join the seminars in-person are welcome to participate via zoom if the event is hybrid.


About this event

This presentation will explore the theme of complexity in macroeconomic thought.

This presentation is based on a recently published paper in the Cambridge Journal of Economics. This argument contributes to the literature on complexity and macroeconomic models by exploring the analytical relationship and tensions between complex phenomena and macroeconomics. By evaluating the properties of organised complexity, Dr Paniagua suggests alternative strategies for analysing the macroeconomy. Drawing on F. A. Hayek’s notion of organised complexity, he will examine how its causal properties relate to the analytical criteria and assumptions that contemporary macroeconomic models use. The purpose is twofold: first, this argument associates the properties of complexity to the idea of the macroeconomy as an emergent totality arising from the causal interplay between individuals and the organising structure. This conceptually challenges modern macro and frames analytical tensions between complexity and macroeconomic analysis. Second, introducing complexity facilitates breaking away from current analytical and conceptual straitjackets in macroeconomics. Economic inquiry requires looking for alternative ways beyond standard models to analyse the macroeconomy as an emergent totality. This suggests stepping away from current formalistic methods and radical reductionism, in favour of unconventional strategies and approaches that are sensitive to rules, structures, and the causal properties of organised complexity.

Dr Pablo Paniagua is an economist and a Research Fellow at King's College London (KCL). He is also a professor of political economy and director of the Masters in Philosophy, Politics, and Economics program at Universidad del Desarrollo (UDD). He received his PhD in Political Economy from the University of London and his MSc. in Engineering and Finance at Politecnico di Milano. His research engages with broad economic and political questions at the intersection between politics, philosophy, and economics (PPE). He is the author of over thirty articles, essays, and books dealing with various aspects of political economy, philosophy, and the governance of social dilemmas. His work has appeared in journals such as the Cambridge Journal of Economics, Public Choice, and Economy and Society. His latest book, Polycentric Governance and the Good Society, is forthcoming at Rowman & Littlefield.

The online webinar series of the LSE Hayek Programme will feature academic scholars or policy experts on a range of interdisciplinary topics that are related in some way to the intellectual contributions of F.A. Hayek.

These include individualism and economic freedom, the nature and future of liberal democracy, social justice and welfare, decision-making under radical uncertainty, macroeconomic management, the rule of law and justice, and others.

All sessions will be conducted on Zoom, lasting 1.5 hours, with a structured format of 45 minutes for speaker presentations followed by a 45-minute Q&A session. Additionally, for those unable to attend live, all webinars will be recorded for later access.

Events in the series will begin in March 2024, usually held one Thursday each month, from 6pm - 7:30pm unless otherwise stated.

For further information please contact Bryan Cheang, by email: b.cheang@lse.ac.uk.