Complexity Hints for Economic Policy (New Economic Windows) (Repost)
Complexity Hints for Economic Policy (New Economic Windows) by Massimo Salzano, David Colander
Language: English | 2007 | ISBN: 8847005337 | 311 pages | PDF | 6,12 MB
Language: English | 2007 | ISBN: 8847005337 | 311 pages | PDF | 6,12 MB
This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.