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Books > Business & Economics > Economics > Econometrics
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Classical Econophysics (Paperback)
Loot Price: R1,732
Discovery Miles 17 320
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Classical Econophysics (Paperback)
Series: Routledge Advances in Experimental and Computable Economics
Expected to ship within 12 - 17 working days
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This monograph examines the domain of classical political economy
using the methodologies developed in recent years both by the new
discipline of econo-physics and by computing science. This approach
is used to re-examine the classical subdivisions of political
economy: production, exchange, distribution and finance. The book
begins by examining the most basic feature of economic life -
production - and asks what it is about physical laws that allows
production to take place. How is it that human labour is able to
modify the world? It looks at the role that information has played
in the process of mass production and the extent to which human
labour still remains a key resource. The Ricardian labour theory of
value is re-examined in the light of econophysics, presenting agent
based models in which the Ricardian theory of value appears as an
emergent property. The authors present models giving rise to the
class distribution of income, and the long term evolution of profit
rates in market economies. Money is analysed using tools drawn both
from computer science and the recent Chartalist school of financial
theory. Covering a combination of techniques drawn from three
areas, classical political economy, theoretical computer science
and econophysics, to produce models that deepen our understanding
of economic reality, this new title will be of interest to higher
level doctoral and research students, as well as scientists working
in the field of econophysics.
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