Economics for a Fairer Society

Going Back to Basics using Agent-Based Models

Authors: Gooding, Tim

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  • Examines what it would mean to economic theory if, in the long-run, supply and demand did not determine price
  • Provides an overview of agent-based models in economic theory
  • Argues the free market is a complex system
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  • ISBN 978-3-030-17020-2
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About this book

This Palgrave Pivot presents experiments that reveal core dynamics of trade in a complex system. Monetary trade is stripped of all its complications and placed in agent-based models, a complexity research tool capable of reproducing emergent behaviour and evolution. Included are ground-breaking repeatable experiments exploring the impact of evolutionary prerequisites empirically present in markets.

Isolating the core dynamics of trade results in very simple agent-based models. However, decades of complexity research demonstrate that even the simplest systems result in emergent behaviour that is extremely difficult to anticipate. Readers who are only familiar with the linear-system theories and models used to train almost all undergraduate economics students might be surprised to witness price detaching from supply and demand, and extreme poverty and wealth arising in trade systems populated by agents with equal ability and opportunity. Watch as empirical evolutionary prerequisites are introduced and price patterns characterising two different markets – asset markets and speculative markets – emerge irrespective of supply and demand.

In addition to laying the groundwork of monetary trade in a complex system, more complicated models feature mortal reproductive agents. Including ‘living’ populations in economic models reveal how the complexity characteristics of our market economy are impacting impoverishment and starvation.

This book invites anyone interested in economics to join the growing ranks of people who are fascinated by the insights offered by complexity research.

 


About the authors

Tim Gooding is a multi-discipline complexity researcher affiliated with Kingston University, London, UK. His preferred research tool is agent-based models. He is particularly fascinated by how empirical evolutionary prerequisites from markets and market-societies create predictable and repeatable shapes in which some of society’s most persistent ‘modern problems’ reside.


Table of contents (15 chapters)

Table of contents (15 chapters)

Buy this book

eBook $44.99
price for USA (gross)
  • ISBN 978-3-030-17020-2
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $59.99
price for USA
  • ISBN 978-3-030-17019-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
Economics for a Fairer Society
Book Subtitle
Going Back to Basics using Agent-Based Models
Authors
Copyright
2019
Publisher
Palgrave Pivot
Copyright Holder
The Editor(s) (if applicable) and the Author(s), under exclusive licence to Springer Nature Switzerland AG
eBook ISBN
978-3-030-17020-2
DOI
10.1007/978-3-030-17020-2
Hardcover ISBN
978-3-030-17019-6
Edition Number
1
Number of Pages
XIII, 184
Number of Illustrations
1 b/w illustrations, 69 illustrations in colour
Topics