Algorithmic economics as an economics of thought

Bin Li

International Journal of Pluralism and Economics Education, 2022, vol. 13, issue 2, 176-191

Abstract: Computer science indicates that thinking means the processes in which a finite number of innate 'instructions' act serially, alternately, and selectively on data. This implies a roundabout method of production of thought, which consumes time and resources, and which requires and produces knowledge stocks. Optimising the computing economy and decision-making timeliness, computations must frequently adopt various methods other than deductive reasoning, thus leading to a subjective turn and the occurrence of innovations. The combinational explosion between instructions and data underscores that the socio-economic world is a one-way and explosive evolution (not too dissimilar) to the Big Bang, which begets the synthesis or unification of economics.

Keywords: bounded rationality; instruction; algorithm; combinatorial explosion; subjectivity; mental distortion. (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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