The book contains thirty original articles dealing with important aspects of theoretical as well as applied economic theory. While the principal focus is on: the computational and algorithmic nature of economic dynamics; individual as well as collective decision process and rational behavior, some contributions emphasize also the importance of classical recursion theory and constructive mathematics for dynamical systems, business cycles theories, growth theories, and others are in the area of history of thought, methodology and behavioural economics. The contributors range from Nobel Laureates to the promising new generation of innovative thinkers.
This volume is also a Festschrift in honour of Professor Kumaraswamy Vela Velupillai, the founder of Computable Economics, a growing field of research where important results stemming from classical recursion theory and constructive mathematics are applied to economic theory. The aim and hope is to provide new tools for economic modelling.
This book will be of particular appeal to postgraduate students and scholars in one or more of the following fields: computable economics, business cycles, macroeconomics, growth theories, methodology, behavioural economics, financial economics, experimental and agent based economics. It might be also of importance to those interested on the general theme of algorithmic foundations for social sciences.
Author(s): Stefano Zambelli
Series: Routledge frontiers of political economy 126
Publisher: Routledge
Year: 2010
Language: English
Pages: xxvi+533
Book Cover
Title
Copyright
Contents
Figures
Tables
Contributors
Foreword
Introduction
Part I: Prelude
1 Computable and constructive economics, undecidable dynamics and algorithmic rationality: An essay in honour of Professor Kumaraswamy (Vela) Velupillai
2 From an admirer and a friend
Part II: Dynamical systems, business cycles and macroeconomics
3 The Richard Goodwin circle at Harvard (1938–1950)
4 Not growth, not cycles, but something in between
5 The nonlinear path of macroeconomic dynamics
Part III: Computable economics
6 The information economy
7 Hypotheses that imply the independence of P = NP from strong axiomatic systems
8 Universal models
9 Model description length priors in the urn problem
Part IV: Constructivity, rationality and complexity in economic theory
10 The honeybee as teacher
11 Constructivist logic and emergent evolution in economic complexity
12 Remarks on numerical systems, algorithms and economic theory
13 An experiment on equilibrium selection: The relative unimportance of context
14 The complexity of social choice
Part V: History of thought and methodology
15 Varieties of internal critique
16 Rational economic man: A centrepiece in social science?
17 Resisting the sirens of realism in economic methodology: A Socratic odyssey
18 Who, in Scandinavian economic theoretic literature, picked up major threads from Wicksell’s writings?
Part VI: Capital, viability and growth
19 The Accumulation of Capital over 50 years on
20 The means of subsistence and the notion of ‘viability’ in Sraffa’s surplus approach
21 A disequilibrium growth cycle model with differential savings
Part VII: Markets and their behaviours
22 Evolution of FX markets and new financial economics
23 Elasticity puzzle: An inquiry into micro–macro relations
24 Bubbles and crashes: A cyborg approach
25 Is there gold in Taylor’s rule?: A note on the treasure hunt
26 The economics of Keynes in an almost stock- flow consistent agent- based setting
27 Minsky’s ‘financial instability hypothesis’: The not- too-Keynesian optimism of a financial Cassandra
28 Organizational capabilities and industry dynamics: A computational model
Part VIII: Finale
29 The most difficult questions A brief reflection inspired by K. Vela Velupillai’s contributions in computable economics, evolution and complexity
30 A homage to my father
Author index
Subject index
