{"product_id":"complexity-and-the-economy-hardcover","title":"Complexity and the Economy - Hardcover","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eW. Brian Arthur\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003eEconomics is changing. In the last few years it has generated a number of new approaches. One of the most promising - \u003cem\u003ecomplexity economics\u003c\/em\u003e - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eThe new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time? \u003cp\u003e\u003c\/p\u003eThe papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.\u003cbr\u003e\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003cbr\u003e\u003cstrong\u003eW. Brian Arthur \u003c\/strong\u003eis a leading economist and complexity theorist. He is the recipient of the Schumpeter Prize in Economics and the Lagrange Prize in Complexity Science.\u003cbr\u003e\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 240\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.8 x 9.3 x 6.3 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e October 30, 2014\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":45257382690918,"sku":"9780199334292","price":126.15,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0599\/7255\/0758\/files\/Yjg4RDNLR0tUcGlydkhIUXVMQXhJdz09.webp?v=1773769825","url":"https:\/\/infinitylightwa.com\/products\/complexity-and-the-economy-hardcover","provider":"Infinity Light","version":"1.0","type":"link"}