Complexity Economics
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Complex Economics
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Author : Alan Kirman
language : en
Publisher: Routledge
Release Date : 2010-09-13
Complex Economics written by Alan Kirman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-13 with Business & Economics categories.
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.
Complexity Economics
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Author : W. Brian Arthur
language : en
Publisher:
Release Date : 2020-12
Complexity Economics written by W. Brian Arthur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12 with Science categories.
When Santa Fe Institute scientists first started working on economics more than thirty years ago, many of their insights, approaches, and tools were considered beyond heterodox. These once-disparaged approaches included network economics, agents of limited rationality, and institutional evolution-all topics that are now increasingly considered mainstream. SFI continues to expand the boundary of our economic understanding by pioneering fields as diverse as collective intelligence and organizational scaling. This volume, edited by W. Brian Arthur, Eric D. Beinhocker, and Allison Stanger, includes panel and talk transcripts from SFI's 2019 Applied Complexity Network Symposium, with newly written introductions and reflections. Representing both scholarly and practitioner perspectives, this book explores the history and frontiers of complexity economics in a broad-ranging, accessible manner.
Complexity Economics
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Author : Koenraad Verboven
language : en
Publisher: Springer Nature
Release Date : 2020-11-25
Complexity Economics written by Koenraad Verboven and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-25 with Business & Economics categories.
Economic archaeology and ancient economic history have boomed the past decades. The former thanks to greatly enhanced techniques to identify, collect, and interpret material remains as proxies for economic interactions and performance; the latter by embracing the frameworks of new institutional economics. Both disciplines, however, still have great difficulty talking with each other. There is no reliable method to convert ancient proxy-data into the economic indicators used in economic history. In turn, the shared cultural belief-systems underlying institutions and the symbolic ways in which these are reproduced remain invisible in the material record. This book explores ways to bring both disciplines closer together by building a theoretical and methodological framework to evaluate and integrate archaeological proxy-data in economic history research. Rather than the linear interpretations offered by neoclassical or neomalthusian models, we argue that complexity economics, based on system theory, offers a promising way forward.
The Origin Of Wealth
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Author : Eric D. Beinhocker
language : en
Publisher: Harvard Business Press
Release Date : 2006
The Origin Of Wealth written by Eric D. Beinhocker and has been published by Harvard Business Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Beinhocker has written this work in order to introduce a broad audience to what he believes is a revolutionary new paradigm in economics and its implications for our understanding of the creation of wealth. He describes how the growing field of complexity theory allows for evolutionary understanding of wealth creation, in which business designs co-evolve with the evolution of technologies and organizational innovations. In addition to giving his audience a tour of this field of complexity economics, he discusses its implications for real-world issues of business.
The Microeconomics Of Complex Economies
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Author : Wolfram Elsner
language : en
Publisher: Academic Press
Release Date : 2014-04-15
The Microeconomics Of Complex Economies written by Wolfram Elsner and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-15 with Business & Economics categories.
The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters
Handbook On The Economic Complexity Of Technological Change
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Author : Cristiano Antonelli
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Handbook On The Economic Complexity Of Technological Change written by Cristiano Antonelli and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Technology & Engineering categories.
This comprehensive and innovative Handbook applies the tools of the economics of complexity to analyse the causes and effects of technological and structural change. It grafts the intuitions of the economics of complexity into the tradition of analysis based upon the Schumpeterian and Marshallian legacies. The Handbook elaborates the notion of innovation as an emerging property of the organized complexity of an economic system, and provides the basic tools to understand the recursive dynamics between the emergence of innovation and the unfolding of organized complexity. In so doing, it highlights the role of organizational thinking in explaining the introduction of innovations and the dynamics of structural change. With a new methodological approach to the economics of technological change, this wide-ranging volume will become the standard reference for postgraduates, academics and practitioners in the fields of evolutionary economics, complexity economics and the economics of innovation.
The Complexity Vision And The Teaching Of Economics
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Author : David C. Colander
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000
The Complexity Vision And The Teaching Of Economics written by David C. Colander and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
This ground-breaking book focuses on the implications of the complexity vision, such as that held by economists at the Santa Fe Institute, for the teaching of economics. This complexity vision suggests that answers to questions such as how do markets develop and how do they evolve need to be approached head on. Complexity economics is beginning to do just that. Most of the work in complexity is highly formal and technical; it seems far away from issues such as the teaching of economics. This book is different. The focus of this book is not on the grand theories, or technical aspects, of complexity. Instead it is on the teaching of economics. It asks the question: how would the teaching of economics change if complexity is taken seriously? An outstanding group of contributors, including Brian Arthur, Buz Brock, and Duncan Foley, provide interesting and provocative answers to that question in a non-technical and highly accessible style. It is a book that should be read by all those teaching economics, as well as those who are interested in where the complexity revolution in science might be leading.
Complexity Economics
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Author : Olivér Kovács
language : en
Publisher: Routledge
Release Date : 2022-07-15
Complexity Economics written by Olivér Kovács and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-15 with Business & Economics categories.
Our socio–economic innovation ecosystem is riddled with ever-increasing complexity, as we are faced with more frequent and intense shocks, such as COVID-19. Unfortunately, addressing complexity requires a different kind of economic governance. There is increasing pressure on economics to not only going beyond its traditional mainstream boundaries but also to tackle real-world problems, such as fostering structural change, enhancing sustained growth, promoting inclusive development in the era of the digital economy, and boosting green growth, while addressing the divide between the financial sector and the real economy. This book demonstrates how to apply complexity science to economics in an effective and instructive way, in the interest of life-enhancing policies. The book revolves around the non-negligible problem of why economics, to date, seems to be inadequate in guiding economic governance to navigate through real and ever-intensifying complex socio–economic and environmental challenges. With its interdisciplinary approach, the book scans the nuanced nexus between complexity and economics by incorporating, as well as transcending, the state-of-the-art literature. It identifies ways to trigger opportunities for behavioural change in the economic profession with respect to how and what to teach, introducing and developing further complexity economics taking into account the configuration of its main principles and outlining the silhouette of next-generation economic governance. The book deciphers recommendations for economic theory, practice, education and economic governance. It will be of interest to students, scholars, academics, think-tank researchers and economic policy practitioners at the national and/or supranational levels.
Principles Of Complexity Economics
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Author : Michael Roos
language : en
Publisher: Springer Nature
Release Date : 2024-08-05
Principles Of Complexity Economics written by Michael Roos and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-05 with Business & Economics categories.
This textbook serves as an introduction to the rising field of complexity economics. In thirteen chapters, it provides a comprehensive and systematic overview of the concepts and methods of complexity economics and their applications to economic issues. The book explains that the complexity approach is not just another method, but a worldview that is different from the one of academics with neoclassical training. By contrasting complexity economics with neoclassical economics, the readers are induced to reflect on their own unconscious beliefs about the economic world and develop their own approach to dealing with the pervasive complexities and uncertainties of reality. The first five chapters serve as an introduction and overview. Chapters 6 - 12 present the core concepts of the book. Each of the seven chapters introduces a key concept of complexity and provides applications to economics topics. The final chapter discusses the implications of complexity thinking for economic policy and for the future development of economics. This textbook addresses advanced undergraduate students and graduate students of economics, interested in a better understanding of the concepts and the way of thinking in complexity economics, as well as in acquiring a sound technical foundation to understand most of the research literature.
The Atlas Of Economic Complexity
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Author : Ricardo Hausmann
language : en
Publisher: MIT Press
Release Date : 2014-01-17
The Atlas Of Economic Complexity written by Ricardo Hausmann and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-17 with Business & Economics categories.
Maps capture data expressing the economic complexity of countries from Albania to Zimbabwe, offering current economic measures and as well as a guide to achieving prosperity Why do some countries grow and others do not? The authors of The Atlas of Economic Complexity offer readers an explanation based on "Economic Complexity," a measure of a society's productive knowledge. Prosperous societies are those that have the knowledge to make a larger variety of more complex products. The Atlas of Economic Complexity attempts to measure the amount of productive knowledge countries hold and how they can move to accumulate more of it by making more complex products. Through the graphical representation of the "Product Space," the authors are able to identify each country's "adjacent possible," or potential new products, making it easier to find paths to economic diversification and growth. In addition, they argue that a country's economic complexity and its position in the product space are better predictors of economic growth than many other well-known development indicators, including measures of competitiveness, governance, finance, and schooling. Using innovative visualizations, the book locates each country in the product space, provides complexity and growth potential rankings for 128 countries, and offers individual country pages with detailed information about a country's current capabilities and its diversification options. The maps and visualizations included in the Atlas can be used to find more viable paths to greater productive knowledge and prosperity.