Complexity Economics An Introduction

🌐 Complexity Economics An Introduction: Understanding Our Global Economy as a Complex System

Overview 📈

Content 📚 Section 1: The Standard Approach to Economic Theory We begin by laying the foundation of traditional economic theory, discussing its strengths and limitations. You'll get a clear picture of how we arrived at our current understanding of economics before venturing into the realm of complexity.

Section 2: Agents with Bounded Rationality Drawing from behavioral economics, we delve into the complexities of economic agents who are not always perfectly rational. We'll cover different theories of value, choice theory, and incentive systems that account for human psychology and bounded rationality.

Section 3: Nonlinear Economics Transitioning to nonlinear economics, we apply system dynamics to model microeconomic phenomena. You'll learn about the role of feedback loops in creating complexity and the process of self-organization that leads to unexpected patterns of organization within the economy.

Section 4: Network Analysis in Macro Economics In this section, we introduce the basics of network theory and its application to macroeconomic institutions such as markets. We'll explore the topology, distribution, and dynamics of economic networks, providing insights into their structural complexities.

Section 5: Evolutionary Macroeconomics Through the lens of complex adaptive systems theory, we'll examine how entire macro economies evolve out of the multitude of decisions and actions by various organizations. By using the model of a fitness landscape, we aim to understand the forces that drive economic evolution over time.

Join us on this journey to uncover the hidden complexities within our global economy and transform your understanding of economics with Complexity Economics An Introduction. 💡