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American Poems: Books: Coping with the Complexity of Economics (New Economic Windows)
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 Home » Books » Coping with the Complexity of Economics (New Economic Windows)

Coping with the Complexity of Economics (New Economic Windows)

  • List Price: $109.00
  • Buy New: $62.02
  • as of 12/28/2014 10:23 EST details
  • You Save: $46.98 (43%)
In Stock
New (17) Used (10) from $30.36
  • Seller:pbshop
  • Sales Rank:5,650,936
  • Languages:English (Unknown), English (Original Language), English (Published)
  • Media:Hardcover
  • Number Of Items:1
  • Edition:2009
  • Pages:170
  • Shipping Weight (lbs):1.1
  • Dimensions (in):9.4 x 6.2 x 0.5
  • Publication Date:December 5, 2008
  • ISBN:8847010829
  • EAN:9788847010826
  • ASIN:8847010829
Availability:Usually ships in 1-2 business days

Features:
  • Used Book in Good Condition

Editorial Reviews:
Synopsis
Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: “They have taken their mathematics and their ded- tive techniques from physics, their statistics from genetics and agr- omy, their systems of classi?cation from taxonomy and chemistry, their model-construction techniques from astronomy and mechanics, and their methods of analysis of the consequences of actions from en- neering”. The possibility of similarities of structure in mathematical models of economic and physical systems has been an important f- tor in the development of neoclassical theory. To treat the state of an economy as an equilibrium, analogous to the equilibrium of a mech- ical system has been a key concept in economics ever since it became a mathematically formalized science. Adopting a Newtonian paradigm neoclassical economics often is based on three fundamental concepts. Firstly, the representative agent who is a scale model of the whole society with extraordinary capacities, particularly concerning her - pability of information processing and computation. Of course, this is a problematic reduction as agents are both heterogeneous and bou- edly rational and limited in their cognitive capabilities. Secondly, it often con?ned itself to study systems in a state of equilibrium. But this concept is not adequate to describe and to support phenomena in perpetual motion.

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