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Economics for a fairer society = going back to basics using agent-based models /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Economics for a fairer society/ by Tim Gooding.
Reminder of title:	going back to basics using agent-based models /
Author:	Gooding, Tim.
Published:	Cham :Springer International Publishing : : 2019.,
Description:	xiii, 184 p. :ill., digital ; : 24 cm.;
Contained By:	Springer eBooks
Subject:	Econometric models. -
Online resource:	https://doi.org/10.1007/978-3-030-17020-2
ISBN:	9783030170202

Economics for a fairer society = going back to basics using agent-based models /
Gooding, Tim.

Economics for a fairer societygoing back to basics using agent-based models /[electronic resource] :by Tim Gooding. - Cham :Springer International Publishing :2019. - xiii, 184 p. :ill., digital ;24 cm.

Chapter 1: Introduction -- Chapter 2: First Nation Transition -- Chapter 3: Complexity, Emergence, and Evolution -- Chapter 4: Agent-Based Model History and Development -- Chapter 5: Netlogo -- Chapter 6: Evolution in Netlogo -- Chapter 7: Verifying Model Results -- Chapter 8: Money Distribution -- Chapter 9: System Efficiency -- Chapter 10: Price Basics -- Chapter 11: Evolutionary Price Robustness -- Chapter 12: Inequality: Money Distributions -- Chapter 13: Introducing Life -- Chapter 14: Long-Term Economic Outcome. Chapter 15: Summary and Final Comments.

This Palgrave Pivot presents experiments that reveal core dynamics of trade in a complex system. Monetary trade is stripped of all its complications and placed in agent-based models, a complexity research tool capable of reproducing emergent behaviour and evolution. Included are ground-breaking repeatable experiments exploring the impact of evolutionary prerequisites empirically present in markets. Isolating the core dynamics of trade results in very simple agent-based models. However, decades of complexity research demonstrate that even the simplest systems result in emergent behaviour that is extremely difficult to anticipate. Readers who are only familiar with the linear-system theories and models used to train almost all undergraduate economics students might be surprised to witness price detaching from supply and demand, and extreme poverty and wealth arising in trade systems populated by agents with equal ability and opportunity. Watch as empirical evolutionary prerequisites are introduced and price patterns characterising two different markets - asset markets and speculative markets - emerge irrespective of supply and demand. In addition to laying the groundwork of monetary trade in a complex system, more complicated models feature mortal reproductive agents. Including 'living' populations in economic models reveal how the complexity characteristics of our market economy are impacting impoverishment and starvation. This book invites anyone interested in economics to join the growing ranks of people who are fascinated by the insights offered by complexity research.

ISBN: 9783030170202

Standard No.: 10.1007/978-3-030-17020-2doiSubjects--Topical Terms:

556561
Econometric models.

LC Class. No.: HB141 / .G663 2019

Dewey Class. No.: 330.015195

Economics for a fairer society = going back to basics using agent-based models /
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520 $a This Palgrave Pivot presents experiments that reveal core dynamics of trade in a complex system. Monetary trade is stripped of all its complications and placed in agent-based models, a complexity research tool capable of reproducing emergent behaviour and evolution. Included are ground-breaking repeatable experiments exploring the impact of evolutionary prerequisites empirically present in markets. Isolating the core dynamics of trade results in very simple agent-based models. However, decades of complexity research demonstrate that even the simplest systems result in emergent behaviour that is extremely difficult to anticipate. Readers who are only familiar with the linear-system theories and models used to train almost all undergraduate economics students might be surprised to witness price detaching from supply and demand, and extreme poverty and wealth arising in trade systems populated by agents with equal ability and opportunity. Watch as empirical evolutionary prerequisites are introduced and price patterns characterising two different markets - asset markets and speculative markets - emerge irrespective of supply and demand. In addition to laying the groundwork of monetary trade in a complex system, more complicated models feature mortal reproductive agents. Including 'living' populations in economic models reveal how the complexity characteristics of our market economy are impacting impoverishment and starvation. This book invites anyone interested in economics to join the growing ranks of people who are fascinated by the insights offered by complexity research.
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