An Agent-based Theory of Social Economy
Date
2017
Authors
Caton, James Lee
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The framework of economic theory used predominantly in the post World War II era – starting with Paul Samuelson, Milton Friedman, Kenneth Arrow, and George Stigler, among others – is dependent on systems of linear equations. While these are useful for predicting outcomes with econometric models, they do not include the processes that lead to such outcomes. These models are incapable of modeling knowledge, entrepreneurship, and endogenous dynamics that emerge in the course of market interaction.
Description
Keywords
Entrepreneurship, Agent-based economics, Computation, Entrepreneurship, Market process