Adaptive Behavior, Market Processes and the Computable Approach

Axel Leijonhufvud ()
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Axel Leijonhufvud: University of Trento, Italy

Brazilian Electronic Journal of Economics, 1999, vol. 2, issue 2

Abstract: Economies are evolving, complex, adaptive dynamic systems. Yet mainstream economics seems committed to an alien and unpromising methodology. Computable Economics attempts to reorient economics in a direction that will enable us to learn from new methods of investigation that have been developed in areas such ecology, brain research, and computer science, which deal with evolving complex dynamic systems. This paper intends to discuss what keeps standard economics from adopting the perspective of complex dynamic systems theory.

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