An inherent affinity exits between the evolutionary interpretation of the invisible hand and the science of complexity. The evolutionary interpretation regards the market economy as an adaptive, self-organizing, and evolving process while the science of complexity studies the endogenous...

This paper employs a reduced form structuralist model of inflation in the OECD over the period 1985--2009 to find out whether domestic prices respond symmetrically to rising and falling import prices. We find that the response is asymmetrical: domestic prices rise when import prices rise but...