It is often said that price is determined by supply and demand. Empirical evidence suggests that this is true in the short run. In the long run, time allows for complexity dynamics to become dominant. This chapter examines the behaviour of price in a complex system. Specifically, empirical evolutionary prerequisites present in the markets are introduced to examine their long-term impact.
KeywordsPrice, supply and demand Evolution Mutation Inequality Evolutionary prerequisites Agent-based model Netlogo Toy Trader model
- DCLG. (n.d.). Live tables on house building: New build dwellings. Retrieved April 19, 2018, from https://www.gov.uk/government/statistical-data-sets/live-tables-on-house-building.
- Dow, S. C., & Hillard, J. (Eds.). (2002). Keynes, uncertainty and the global economy: Beyond Keynes (Vol. 2). Cheltenham: Edward Elgar.Google Scholar
- Friedman, M. (1976). Price theory. New York: Aldine.Google Scholar
- Kalecki, M. (1944). Studies in economic dynamics. London: Allen & Unwin.Google Scholar
- Lucas, R. E. (1976, January). Econometric policy evaluation: A critique. In K. Brunner & A. H. Meltzer (Eds.), Carnegie-Rochester conference series on public policy (Vol. 1, pp. 19–46). Amsterdam: North-Holland.Google Scholar
- Macrotrends | The long term perspective on markets. (n.d.). Retrieved February 22, 2019, from https://www.macrotrends.net/.
- Ministry of Housing, Communities and Local Government. (2018). Government response to the housing white paper consultation: Fixing our broken housing market. A summary of consultation responses and the government’s view on the way forward. Retrieved from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/685297/Government_response_to_the_housing_White_Paper_consultation.pdf.
- Mulheirn, I. (2017, December 18). How to find a housing shortage… in three misleading charts. Retrieved April 17, 2018, from https://email@example.com/how-to-find-a-housing-shortage-in-three-misleading-charts-2ee5ba5d3c38.
- Mulheirn, I. (n.d.). Ian Mulheirn: Medium. Retrieved August 14, 2018, from https://firstname.lastname@example.org.
- Nationwide. (n.d.). Retrieved July 25, 2017, from https://www.nationwide.co.uk/about/house-price-index/download-data#~.
- Office for National Statistics. (n.d.). User requested data: UK population estimates 1851 to 2014. Retrieved from https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/adhocs/004356ukpopulationestimates1851to2014.
- Okusanya, A. (2018, March 28). Lessons from 118 years of asset class returns data. Retrieved June 10, 2018, from https://finalytiq.co.uk/lessons-118-years-capital-market-return-data/.
- Osborne, M. F. (1977). Stock market and finance from a physicist’s viewpoint. Minneapolis: Crossgar Press.Google Scholar
- Redfern, P. (2016). The Redfern review into the decline of home ownership. Retrieved from https://www.redfernreview.org.
- U.K. Population (LIVE). (n.d.). Retrieved from http://www.worldometers.info/world-population/uk-population/.
- Wolfram, S. (2002). A new kind of science (Vol. 5). Champaign: Wolfram Media.Google Scholar