In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.

The economic crisis has revealed the dark side of deregulation in the labour market: rising unemployment, limited access to social security and, due to low wages, no savings to count upon in bad times. This book casts light on the empirical relationship between labour market deregulation through non-standard contracts and the three main dimensions of worker security: employment, income and social security. Focusing on individual work histories, it looks at how labour market dynamics interact with the social protection system in bringing about inequality and insecurity. In this context Italy is put forward as the epitome of flexibility through non-standard work and compared with three similar countries: Germany, Spain and Japan. Results show that when flexibility is carried out as a mere cost-reduction device and social security only relies on insurance principles, deregulation leads to insecurity. 'The political economy of work security and flexibility' is essential reading for academics, students, practitioners and policy makers interested in the outcomes of labour market developments in advanced economies over the past twenty years.

In contrast to mainstream economics, complexity theory conceives the economy as a complex system of heterogeneous interacting agents characterised by limited information and bounded rationality. Agent Based Models (ABMs) are the analytical and computational tools developed by the proponents of this emerging methodology. Aimed at students and scholars of contemporary economics, this book includes a comprehensive toolkit for agent-based computational economics, now quickly becoming the new way to study evolving economic systems. Leading scholars in the field explain how ABMs can be applied fruitfully to many real-world economic examples and represent a great advancement over mainstream approaches. The essays discuss the methodological bases of agent-based approaches and demonstrate step-by-step how to build, simulate and analyse ABMs and how to validate their outputs empirically using the data. They also present a wide set of applications of these models to key economic topics, including the business cycle, labour markets, and economic growth.