Economic Regulatory Systems Throughout the Industrial Age national governments have served the function of macro-level economic regulation. An economic regulatory system is an approach to managing or regulating an economy. In this article, we discuss the differences between the two fundamentally different approaches to economic management, that of the centralized linear regulatory model [...]
Economic Self-Organization Whole macro-scale economies can be seen as the emergent outcome of micro-level interactions. In the process of self-organization, agents come to synchronize their states giving rise to the multiplicity of institutions that we see within economies. Self-organization is the emergence of a globally coherent pattern of organization out of the local [...]
Nonlinear Economic Dynamics Processes of change within the economy that are driven by positive feedback create nonlinear change and a macro-level disequilibrium to the overall economy. Processes of economic development may be defined as being linear or nonlinear. Linear processes of development are characterized by balancing forces where the economy develops in an [...]
Economic Feedback Loops Feedback loops describe relationships of interdependence between parts and they are at the foundations of all nonlinear processes of change within economies How complex systems like businesses and economies change over time is studied within the domain of system dynamics that came out of MIT during the 50’s and 60’s. [...]
Economic Systems Dynamics The business cycle is one example of a dynamic process within an economy that can be understood using system dynamics models involving causal links and feedback loops How economies develop over time is a very complex issue that has continued to evade our true understanding of. One approach to this [...]
Complexity economics is an alternative paradigm within economic science based upon complexity theory and nonlinear models. Within this theoretical framework, the economy is modeled as an open system composed of heterogeneous agents with bounded rationality, which gives rise to networks of interactions that we call institutions, and macro level non-equilibrium state to the economy that is in constant change driven by internal dynamics.
This course is an overview of the new area of complexity economics, we start off with an overview of economic theory discussing our standard approach before going on to give a clear outline to the main ideas coming out of complexity
In this paper, we outline some of the major considerations involved in the study of economics, including trying to understand the logic behind the decision making of agents, theories of economic value and the idea of intrinsic and extrinsic value.