EAN: 9783030170196

ECONOMICS FOR A FAIRER SOCIETY - TIM GOODING GE...

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.

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