ECONOMICS AND COMPLEXITY

Alan Kirman

Chapter 2 in Industry and Labor Dynamics:The Agent-Based Computational Economics Approach, 2004, pp 3-21 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper presents a view of the economy as a complex system with heterogeneous interacting agents who collectively organise themselves to generate aggregate phenomena which cannot be regarded as the behaviour of some average or representative individual. There is an essential difference between the aggregate and the individual and such phenomena as bubbles and crashes, herd behaviour the transmission of information and the organisation of trade are better modelled in the sort of framework suggested here than in more standard economic models.

Keywords: Simulation; Agent-Based; Computational Economics; Labor; Industrial Dynamics; Innovation; Cluster; Firm Behavior (search for similar items in EconPapers)
Date: 2004
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