Coping with the Complexity of Economics (Paperback, 2009 ed.)

Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: "They have taken their mathematics and their ded- tive techniques from physics, their statistics from genetics and agr- omy, their systems of classi?cation from taxonomy and chemistry, their model-construction techniques from astronomy and mechanics, and their methods of analysis of the consequences of actions from en- neering". The possibility of similarities of structure in mathematical models of economic and physical systems has been an important f- tor in the development of neoclassical theory. To treat the state of an economy as an equilibrium, analogous to the equilibrium of a mech- ical system has been a key concept in economics ever since it became a mathematically formalized science. Adopting a Newtonian paradigm neoclassical economics often is based on three fundamental concepts. Firstly, the representative agent who is a scale model of the whole society with extraordinary capacities, particularly concerning her - pability of information processing and computation. Of course, this is a problematic reduction as agents are both heterogeneous and bou- edly rational and limited in their cognitive capabilities. Secondly, it often con?ned itself to study systems in a state of equilibrium. But this concept is not adequate to describe and to support phenomena in perpetual motion.

General

Imprint:	Springer-Verlag
Country of origin:	Italy
Series:	New Economic Windows
Release date:	November 2014
First published:	2008
Editors:	Marisa Faggini • Thomas Lux
Dimensions:	235 x 155 x 10mm (L x W x T)
Format:	Paperback
Pages:	170
Edition:	2009 ed.
ISBN-13:	978-88-470-5569-8
Categories:	Books > Business & Economics > Economics > General Books > Science & Mathematics > Mathematics > Optimization > Game theory Books > Science & Mathematics > Physics > Thermodynamics & statistical physics > Statistical physics Books > Science & Mathematics > Biology, life sciences > Zoology & animal sciences > Animal behaviour
LSN:	88-470-5569-5
Barcode:	9788847055698

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