The number of interdisciplinary studies in the economics literature is increasing in the recent years. The reason for this increasing interest is the inadequecy of the linear and static models of classical economics for representing the complex...
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ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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DS 145 (2013,3)
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The number of interdisciplinary studies in the economics literature is increasing in the recent years. The reason for this increasing interest is the inadequecy of the linear and static models of classical economics for representing the complex structures of the real world. Economy is composed of systems and structures that consist of heterogeneous agents and variables interacting with each other. In recent years, many economists have come to realize the insufficiency of the classical economic models and started to develop new models for understanding the nonlinear processes. Along with the new topics such as game theory, behavioral economics, behavioral game theory, evolutionary game theory, neuroeconomics, experimental economics, network economics, computational economics; especially the rise of complexity economics and agent-based computational economics (ACE) is a result of these developments. Since complexity economics and ACE include the concepts such as nonlinearity and multiple equilibrium, they provide new oportunities to the theory of economics. In this study, firstly, Austrian School of Economics and Neoclassical Economics debate of 1930's will be reconsidered from the viewpoint of complexity and ACE. This debate also evokes the Post-Keynesian and Neoclassical economics debate in many respects. Then complexity economics and ACE will be discussed. -- competition ; compexity ; agent-based modeling
