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 [...]
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.
In this paper, we will be taking a brief overview of the internal workings of standard economic theory. We talk about how it is a framework that applies linear systems theory to economic analysis.
In this article, we will be exploring two different models given for agents within an economic context. We will talk about how standard economics offers this model of the rational individual sometimes called homo economicus, and we will draw upon the new area of behavioral economics which presents an alternative model to human behavior within an economic context.
Economics is often interpreted as the study of how people make choices in the allocation of their resources. Microeconomics hinges on this process through which agents come to make decisions and then act on these decisions
Complexity economics is a new approach to economic science that uses models from complexity theory to look at and model the economy as a complex adaptive system
Value theory within economics represents all theories that try to define what economic value is, where it comes from, why goods and services are priced the way they are and how to calculate some form of objective price; if such a value exists
The study of incentives is one of the central topics in microeconomics - incentives to work hard, to produce quality products, to study, to invest, to save, etc. How to design institutions that provide good incentives for economic agents has become a central question of economics. Behind this though is the idea of motivation, that is to say, what motives do economic agents operate under.