Complexity Hints for Economic Policy
Author | : Massimo Salzano |
Publisher | : Springer Science & Business Media |
Total Pages | : 321 |
Release | : 2007-05-15 |
Genre | : Political Science |
ISBN | : 8847005345 |
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This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.