Description
Book SynopsisNonlinearity, Complexity and Randomness in Economics presents a variety of papers by leading economists, scientists, and philosophers who focus on different aspects of nonlinearity, complexity and randomness, and their implications for economics. A theme of the book is that economics should be based on algorithmic, computable mathematical foundations.
- Features an interdisciplinary collection of papers by economists, scientists, and philosophers
- Presents new approaches to macroeconomic modelling, agent-based modelling, financial markets, and emergent complexity
- Reveals how economics today must be based on algorithmic, computable mathematical foundations
Table of ContentsNotes on Contributors vii
1. Introduction 1
Stefano Zambelli
2. Towards an Algorithmic Revolution in Economic Theory 7
K. Vela Velupillai
3. An Algorithmic Information-Theoretic Approach to the Behaviour of Financial Markets 37
Hector Zenil and Jean-Paul Delahaye
4. Complexity and Randomness in Mathematics: Philosophical Reflections on the Relevance for Economic Modelling 69
Sundar Sarukkai
5. Behavioural Complexity 85
Sami Al-Suwailem
6. Bounded Rationality and the Emergence of Simplicity Amidst Complexity 111
Cassey Lee
7. Emergent Complexity in Agent-Based Computational Economics 131
Shu-Heng Chen and Shu G.Wang
8. Non-Linear Dynamics, Complexity and Randomness: Algorithmic Foundations 151
K. Vela Velupillai
9. Stock-Flow Interactions, Disequilibrium Macroeconomics and the Role of Economic Policy 173
Toichiro Asada, Carl Chiarella, Peter Flaschel, Tarik Mouakil, Christian Proa˜no andWilli Semmler
10. Equilibrium Versus Market Efficiency: Randomness versus Complexity in Finance Markets 203
Joseph L. McCauley
11. Flexible Accelerator Economic Systems as Coupled Oscillators 211
Stefano Zambelli
12. Shifting Sands: Non-Linearity, Complexity and Randomness in Economics 237
Donald A.R. George
Index 241
