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- W2482942394 abstract "Complexity economics focuses on how agents interact in systems and the wealth that emerges from such interactions. It does not assume an economy; it shows how economies emerge. Lots of very good work has come from the study of economics and resultant applications. However, the problem with much of the Traditional Economics approach to markets and economies is making simplifying assumptions that do not square with reality in order to prove a theory to be correct. Complexity Economics allows agents to make reasonably rational decisions based on limited, or bounded, amounts of information; they are not required to be perfectly rational. It shows how economic adjustments can take place over time, following evolutionary processes. Computer simulations using the agent-based models of Complexity Economics result in economies that look a lot like the real world, without the need to make unrealistic assumptions to get there. In reality, people tend to be relatively simple but have to deal with incredibly complex situations. While there is much good that has come from the study of economics, some of its core conclusions and assumptions do not reflect the reality of the world." @default.
- W2482942394 created "2016-08-23" @default.
- W2482942394 creator A5018392058 @default.
- W2482942394 date "2012-01-02" @default.
- W2482942394 modified "2023-09-23" @default.
- W2482942394 title "The Emergence of Complexity Economics" @default.
- W2482942394 doi "https://doi.org/10.1002/9781119200031.ch4" @default.
- W2482942394 hasPublicationYear "2012" @default.
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