Read e-book online Economics: Complex Windows (New Economic Windows) PDF

By M. Salzano and A. Kirman (Eds)

ISBN-10: 8847002796

ISBN-13: 9788847002791

ISBN-10: 884700344X

ISBN-13: 9788847003446

This quantity comprises papers that offer an research of subject matters within the following parts: Agent dependent types, Non-linear Time sequence research, monetary industry Dynamics, Econo-physics, Deterministic Chaos, Macroeconomic Dynamics. Economics: complicated home windows, doesn't current contributions to the sterile debate as to the advantages of the several grand, or very likely grand paradigms of economics. quite it bargains a balanced number of methodological advances which might be utilized to concrete financial difficulties. beginning with a presentation of the "complexity process" to economics, it is going directly to supply a suite of purposes to parts resembling the research of industry imperfections, chance evaluation, non-linear dynamics, forecasting and hugely abnormal fluctuations. the fundamental notion is to motivate financial researchers to embody a extra open and pragmatic method of economics instead of to reluctantly movement during this course as though it have been in some way a betrayal of validated dogma.

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Another example concerns rationality; formal general equilibrium models assume strong rationality; many applied policy models assume bounded rationality when that assumption provides a better fit with the data. Akerlof (1993)’s cognitive dissonance model of interrelationships and Solow (1990)’s sociological model of the labor market are examples. Yet another example is in finance where psychological assumptions are replacing strong rationality assumption. This has occurred so much that Thaler (1999) argues, that soon, “the term ‘behavioral finance’ will be correctly viewed as a redundant phrase.

Solow (1997) has captured the essence of the current approach with his “loose fitting positivism” terminology. A. Brock, D. Colander Today, if you ask a mainstream economist a question about almost any aspect of economic life, the response will be: suppose we model that situation and see what happens.... There are thousands of examples; the point is that modern mainstream economics consists of little else but examples of this process. (p. 43) The positivism of modern economics is embodied in its focus on empirical testing and its methodological adherence to the separation of positive and normative elements.

1984, Cellular automata as models of complexity, Nature 311, 419–424. A. Brock, D. Colander 1 Introduction Economics has evolved significantly since the 1950s, both in what it covers and the approaches it uses. Whereas the applied policy economics through the 1950s could reasonably be called neoclassical, modern economics has outgrown that classification. Its approach is more eclectic, and its applied policy models are not required to adhere to the assumptions that Solow calls the holy trinity–rationality, equilibrium, and greed.

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Economics: Complex Windows (New Economic Windows) by M. Salzano and A. Kirman (Eds)

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