Complexity Hints for Economic Policy |
|
| Editor:
| Salzano, Massimo
Colander, David |
| ISBN: | 978-88-470-0533-4 |
| Publication Date: | Jan 2006 |
| Publisher: | Springer
|
| Book Format: | Hardback |
| List Price: | AUD $237.95 |
Book Description:
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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.
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.