On the Complexities of Complex Economic Dynamics
1999 ◽
Vol 13
(4)
◽
pp. 169-192
◽
Keyword(s):
Complex economic nonlinear dynamics endogenously do not converge to a point, a limit cycle, or an explosion. Their study developed out of earlier studies of cybernetic, catastrophic, and chaotic systems. Complexity analysis stresses interactions among dispersed agents without a global controller, tangled hierarchies, adaptive learning, evolution, and novelty, and out-of-equilibrium dynamics. Complexity methods include interacting particle systems, self-organized criticality, and evolutionary game theory, to simulate artificial stock markets and other phenomena. Theoretically, bounded rationality replaces rational expectations. Complexity theory influences empirical methods and restructures policy debates.
1998 ◽
Vol 191
(3)
◽
pp. 335-340
◽
Keyword(s):
Keyword(s):
Keyword(s):
1995 ◽
Vol 6
◽
pp. 471-480
◽