Advertisement

Economics for a Fairer Society

Going Back to Basics using Agent-Based Models

  • Tim Gooding
Book

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Tim Gooding
    Pages 1-6
  3. Tim Gooding
    Pages 7-12
  4. Tim Gooding
    Pages 13-23
  5. Tim Gooding
    Pages 37-43
  6. Tim Gooding
    Pages 45-51
  7. Tim Gooding
    Pages 53-60
  8. Tim Gooding
    Pages 61-76
  9. Tim Gooding
    Pages 77-87
  10. Tim Gooding
    Pages 89-103
  11. Tim Gooding
    Pages 105-114
  12. Tim Gooding
    Pages 115-123
  13. Tim Gooding
    Pages 125-143
  14. Tim Gooding
    Pages 145-159
  15. Tim Gooding
    Pages 161-165
  16. Back Matter
    Pages 167-184

About this book

Introduction

This Palgrave Pivot presents experiments that reveal core dynamics of trade in a complex system. Monetary trade is stripped of all its complications and placed in agent-based models, a complexity research tool capable of reproducing emergent behaviour and evolution. Included are ground-breaking repeatable experiments exploring the impact of evolutionary prerequisites empirically present in markets.

Isolating the core dynamics of trade results in very simple agent-based models. However, decades of complexity research demonstrate that even the simplest systems result in emergent behaviour that is extremely difficult to anticipate. Readers who are only familiar with the linear-system theories and models used to train almost all undergraduate economics students might be surprised to witness price detaching from supply and demand, and extreme poverty and wealth arising in trade systems populated by agents with equal ability and opportunity. Watch as empirical evolutionary prerequisites are introduced and price patterns characterising two different markets – asset markets and speculative markets – emerge irrespective of supply and demand.

In addition to laying the groundwork of monetary trade in a complex system, more complicated models feature mortal reproductive agents. Including ‘living’ populations in economic models reveal how the complexity characteristics of our market economy are impacting impoverishment and starvation.

This book invites anyone interested in economics to join the growing ranks of people who are fascinated by the insights offered by complexity research.

 


Keywords

Economic theory Agent-based models Complex system microfounded macroeconomic models Trade model Neoclassical economics Mainstream economics Heterodox economics Inequality Fair society Child birth rates Population economics Mathematical economics NetLogo Evolutionary economics Boltzmann-Gibbs money distribution Toy model Gini coefficient Wage competition Evolutionary fitness test

Authors and affiliations

  • Tim Gooding
    • 1
  1. 1.Kingston UniversityKingston upon ThamesUK

Bibliographic information