Read Complexity and the Economy

Complexity and the Economy

W. Brian Arthur

4.9/5 (25885 ratings)

Description:Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality.The new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time?The papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Complexity and the Economy. To get started finding Complexity and the Economy, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: 192

Format: PDF, EPUB & Kindle Edition

Publisher: Oxford University Press, USA

Release: 2014

ISBN: 0199334307

Description: Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality.The new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time?The papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Complexity and the Economy. To get started finding Complexity and the Economy, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Special Offer | $0.00

Special Offer! | $0.00

Complexity and the Economy

Complexity and the Economy

More Books

The Nature of Technology: What It Is and How It Evolves

The Nature of Technology: What It Is and How It Evolves

Increasing Returns and Path Dependence in the Economy (Economics, Cognition, And Society)

Increasing Returns and Path Dependence in the Economy (Economics, Cognition, And Society)

Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium

Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium

The Economy As An Evolving Complex System II: Proceedings (Santa Fe Institute) by W. Brian Arthur (1997-09-15)

The Economy As An Evolving Complex System II: Proceedings (Santa Fe Institute) by W. Brian Arthur (1997-09-15)

Complexity and the Economy (Hardcover)--by W. Brian Arthur [2014 Edition]

Complexity and the Economy (Hardcover)--by W. Brian Arthur [2014 Edition]

Complexity and the Economy by W. Brian Arthur (30-Oct-2014) Hardcover

Complexity and the Economy by W. Brian Arthur (30-Oct-2014) Hardcover

Increasing Returns and Path Dependence in the Economy (Paperback)--by W. Brian Arthur [1994 Edition] ISBN: 9780472064960

Increasing Returns and Path Dependence in the Economy (Paperback)--by W. Brian Arthur [1994 Edition] ISBN: 9780472064960

All-New X-Men, Vol. 5: One Down

All-New X-Men, Vol. 5: One Down

Worlds Hidden in Plain Sight: The Evolving Idea of Complexity at the Santa Fe Institute, 1984–2019

Worlds Hidden in Plain Sight: The Evolving Idea of Complexity at the Santa Fe Institute, 1984–2019