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Economics for a Fairer Society - Going Back to Basics using Agent-Based Models (Hardcover, 1st ed. 2019)
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Economics for a Fairer Society - Going Back to Basics using Agent-Based Models (Hardcover, 1st ed. 2019)
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This Palgrave Pivot presents experiments that reveal core dynamics
of trade in a complex system. Monetary trade is stripped of all its
complications and placed in agent-based models, a complexity
research tool capable of reproducing emergent behaviour and
evolution. Included are ground-breaking repeatable experiments
exploring the impact of evolutionary prerequisites empirically
present in markets. Isolating the core dynamics of trade results in
very simple agent-based models. However, decades of complexity
research demonstrate that even the simplest systems result in
emergent behaviour that is extremely difficult to anticipate.
Readers who are only familiar with the linear-system theories and
models used to train almost all undergraduate economics students
might be surprised to witness price detaching from supply and
demand, and extreme poverty and wealth arising in trade systems
populated by agents with equal ability and opportunity. Watch as
empirical evolutionary prerequisites are introduced and price
patterns characterising two different markets - asset markets and
speculative markets - emerge irrespective of supply and demand. In
addition to laying the groundwork of monetary trade in a complex
system, more complicated models feature mortal reproductive agents.
Including 'living' populations in economic models reveal how the
complexity characteristics of our market economy are impacting
impoverishment and starvation. This book invites anyone interested
in economics to join the growing ranks of people who are fascinated
by the insights offered by complexity research.
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