Complexity Hints for Economic Policy
Autor: | Massimo Salzano, David Colander |
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EAN: | 9788847005341 |
eBook Format: | |
Sprache: | Englisch |
Produktart: | eBook |
Veröffentlichungsdatum: | 15.05.2007 |
Kategorie: | |
Schlagworte: | Economic Control Econophysics Inflation agents economic policy economics equilibrium forecasting inequality integration macroeconomics modeling monetary policy simulations stochastic models |
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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.