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Synopsis
A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view—a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing—continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures—markets, legal and social institutions, price patters, expectations—to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear—structures these behaviors co-create. This complexity approach does not replace the equilibrium one—it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
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About the Author
W Brian Arthur
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- PublisherCRC Press
- Publication date1997
- ISBN 10 0201328232
- ISBN 13 9780201328233
- BindingPaperback
- LanguageEnglish
- Edition number1
- Number of pages600
- EditorW. Brian Arthur, Steven N Durlauf, David Lane
- Rating
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The Economy as an Evolving Complex System II.
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ISBN 10: 0201328232
ISBN 13: 9780201328233
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Paperback. Very Near Fine. just a hint of wear to the extremities; else flawless; the binding is square and secure; the text is clean. Free of creases to the panels. Free of creases to the backstrip. Free of creased or dog-eared pages in the text. Free of underlining, hi-lighting, notations, or marginalia. Free of any ownership names, dates, addresses, notations, inscriptions, stamps, plates, or labels. A handsome, nearly-new copy, structurally sound and tightly bound, showing the very mildest wear only. Bright and clean. Corners sharp. Very close to 'As New'. NOT a Remainder, Book-Club, or Ex-Library. 8vo. (9.15 x 6.5 x 1.25 inches). xii, 583 pages. Language: English. Weight: 31.5 ounces. Perseus Advanced Book Program. First Edition Thus (1997), Second Printing. Academic Press Paperback. A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years. This volume is a collection of articles that shape and define this viewa view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays economic activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changingcontinually in process. the interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structuresmarkets, legal and social institutions, price patterns, expectationsto which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behavior within structures that continually emerge and change and disappearstructures these behaviors co-create. This complexity approach does not replace the equilibrium oneit complements it.The papers collected here originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.The Economy as an Evolving Complex. First Edition Thus (1997), Second Printing. Seller Inventory # 55777
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The Economy as an Evolving Complex System II.
Published by
Addison-Wesley, Reading, MA, 1997
ISBN 10: 0201328232
ISBN 13: 9780201328233
Used
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First Edition
Seller: Black Cat Hill Books, Oregon City, OR, U.S.A.
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Paperback. Fine. Still in shrinkwrap (so we are not able to confirm that this is a first edition); flawless; the binding is square and secure; the text is clean. 'As New'. NOT a Remainder, Book-Club, or Ex-Library. 8vo. (9.15 x 6.5 x 1.25 inches). xii, 583 pages. Language: English. Weight: 31.5 ounces. Perseus Advanced Book Program. Academic Press Paperback. A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years. This volume is a collection of articles that shape and define this viewa view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays economic activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changingcontinually in process. the interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structuresmarkets, legal and social institutions, price patterns, expectationsto which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behavior within structures that continually emerge and change and disappearstructures these behaviors co-create. This complexity approach does not replace the equilibrium oneit complements it.The papers collected here originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.The Economy as an Evolving Complex. Seller Inventory # 55310
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