Description
Complexity in Economics provides a comprehensive introduction to complexity science and agent-based economics. The authors examine how traditional economic theory often falls short in explaining real-world phenomena by relying on assumptions of perfect rationality and equilibrium.
This work demonstrates how complex adaptive systems theory offers powerful tools for understanding economic dynamics. Through agent-based models, the book shows how macroeconomic patterns emerge from the bottom-up interactions of heterogeneous economic agents with limited information and bounded rationality.
The volume covers fundamental concepts including emergence, self-organization, and non-equilibrium dynamics in economic systems. It bridges theoretical frameworks with practical applications, making it essential reading for economists seeking to understand market dynamics, business cycles, and economic growth through a complexity lens.
Reviews
There are no reviews yet.