Through the Lens of Complex Systems Theory: Why Regulators Must Understand the Economy and Society as a Complex System

Effective regulation of the collective actions of free individuals requires an understanding of what complex systems are, how they work, how they can be studied, the impact internal and external stimuli have on the system as a whole, and how our regulatory agencies can be better suited to dealing with a complex world. There is a prolific body of legal scholarship discussing the substantive characteristics and purpose of government regulation; that is not the focus of this article. The purpose of this article is to illustrate the value complex systems theory could create if applied to the regulatory decision making process