Economic Degree Distribution Degree distribution tries to capture the disparity between nodes that have a very high degree of connections and those that have a very low degree of connections.1 As [...]
Economic Network Dynamics Economic network dynamics is the study of how economic systems change over time through the analysis of the changes in their structure of connections; in particular how the [...]
Economic Network Structure Economic network structure refers to the overall makeup or topology of an economic system's network of relations. Many parameters can be identified as affecting this structure such as the [...]
Economic Network Theory Economic network theory is an emerging field of research that applies models from network science to the analysis and interpretation of economic phenomina.1 Economic network analysis can be seen [...]
Evolutionary Economics Evolutionary economics is a paradigm of economic development that is focused on the internal dynamics through which a macro economy generates novel phenomena and changes over time without the [...]
Economic Fitness Landscape A fitness landscape - also called an adaptive landscape - is a three-dimensional state space used to describe the environment within which adaptive agents operate. It is an [...]
Economic Resilience Economic resilience is the capacity for an economic organization to recover from, adjust to, or maintain functionality in the face of negative internal or external impacts.1 The idea of economic [...]
Economic Regulatory Systems 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 [...]
Economic Self-Organization Self-organization is the emergence of a globally coherent pattern of organization out of the local interactions between initially independent components.1 Self-organization is a dynamic process through which patterns of organization [...]
Nonlinear Economic Dynamics 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 incremental [...]
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 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
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.
Over the past few decades with the rise of information technology and globalization, the global economy has become networked on many different levels. Both its technological infrastructure and its institutional superstructure have become increasingly integrated into dense, multimodal networks, from the micro level of individual organizations all the way up to the global level through global cities and the global supply chains that they enable.
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.
Evolutionary economics is an alternative paradigm to economic development that is focused on the internal dynamics through which the macroeconomy generates novel phenomena and changes over time in an evolutionary process, without the guidance of some centralized regulatory mechanism.
Self-organization is the emergence of a globally coherent pattern of organization out of the local interactions between initially independent components. It is in many ways very much counter-intuitive to our traditional beliefs about order having to be imposed from some external top-down design.
Behavioral economics is an approach to microeconomics that uses experiments to determine how agents make choices within an economic context, it studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences of this to broader economic outcomes.
The concept of Path Dependence is used to capture the way in which small, historical contingent events can set off self-reinforcing mechanisms and processes that “lock-in” particular pathways of development.