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Item Details
| Title:
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COPING WITH THE COMPLEXITY OF ECONOMICS
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| By: |
Marisa Faggini (Editor), Thomas Lux (Editor) |
| Format: |
Hardback |
| List price:
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£99.99 |
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We currently do not stock this item, please contact the publisher directly for
further information.
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| ISBN 10: |
8847010829 |
| ISBN 13: |
9788847010826 |
| Publisher: |
SPRINGER VERLAG |
| Series: |
New Economic Windows |
| Pages: |
184 |
| Description: |
This book features papers dedicated to the memory of Massimo Salzano, who has been a fervent advocate of the complexity approach. It provides an overview to recent developments in theory and empirical research that view economic systems as complex phenomena. |
| Synopsis: |
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. |
| Illustrations: |
biography |
| Publication: |
Italy |
| Imprint: |
Springer Verlag |
| Returns: |
Returnable |
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