Complexity Economics An Introduction

Partner: Udemy
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Description: OverviewAs advanced economies come to the end of the process of industrialization and with the rise of information technology we are witnessing the birth of a new type of post-industrial economy, it is built on services, fueled by information and knowledge and it is increasingly integrated through global financial and supply chain networks. These huge changes in the deep architecture to our economies go far beyond our industrial paradigm and are necessitating a re-imagination of economy theory. General equilibrium models that were derived from classical physics got mathematized during the 20th century, these models give us a picture of the economy as composed of isolated, purely rational individuals, optimizing over a well defined set of preferences out of which we get a macro level general equilibrium in a somewhat static and timeless economy.It was a paradigm that fitted well with industrial age mechanization. But today the limitations of general equilibrium theory are becoming more apparent as we build new models, models to individual agents that have bounded rationality, driven by a diversity of motives they are interconnected and interdependent. And it is out of these nonlinear interactions we get the emergence of economic institutions as network structures that are far-from-equilibrium, in an economy that is constantly changing from internal drivers as it develops over time through an evolutionary process.ContentThis course is an overview to the new area of complexity economics, the application of models from complexity theory to the domain of economic science. The course is broken down into five main sections, we will start off with an overview to economic theory discussing our standard approach before going on to give a clear outline to the main ideas coming out of complexity economies. Next we will borrow from behavioral economics to build up a more complex model to economic agent
Category: Teaching & Academics > Social Science > Economics
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Price: 34.99
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Source: Impact
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