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The Economy as an Evolving Complex System II (Hardcover)
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The Economy as an Evolving Complex System II (Hardcover)
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A new view of the economy as an evolving, complex system has been
pioneered at the Santa Fe Institute over the last ten years, This
volume is a collection of articles that shape and define this
view?a view of the economy as emerging from the interactions of
individual agents whose behavior constantly evolves, whose
strategies and actions are always adapting.The traditional
framework in economics portrays activity within an equilibrium
steady state. The interacting agents in the economy are typically
homogenous, solve well-defined problems using perfect rationality,
and act within given legal and social structures. The complexity
approach, by contrast, sees economic activity as continually
changing?continually in process. The interacting agents are
typically heterogeneous, they must cognitively interpret the
problems they face, and together they create the
structures?markets, legal and social institutions, price patters,
expectations?to which they individually react. Such structures may
never settle down. Agents may forever adapt and explore and evolve
their behaviors within structures that continually emerge and
change and disappear?structures these behaviors co-create. This
complexity approach does not replace the equilibrium one?it
complements it.The papers here collected originated at a recent
conference at the Santa Fe Institute, which was called to follow up
the well-known 1987 SFI conference organized by Philip Anderson,
Kenneth Arrow, and David Pines. They survey the new study of
complexity and the economy. They apply this approach to real
economic problems and they show the extent to which the initial
vision of the 1987 conference has come to fruition.
General
Imprint: |
Crc Press
|
Country of origin: |
United Kingdom |
Release date: |
June 2019 |
First published: |
1997 |
Authors: |
W.Brian Arthur
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Dimensions: |
229 x 152mm (L x W) |
Format: |
Hardcover
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Pages: |
600 |
ISBN-13: |
978-0-367-09116-3 |
Categories: |
Books >
Science & Mathematics >
Mathematics >
General
|
LSN: |
0-367-09116-X |
Barcode: |
9780367091163 |
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