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Undecidability, Computation Universality and Minimality in Economic Dynamics

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  • K. Vela Velupillai

Abstract

An attempt is made, in this paper, to pose questions about economic dynamics in the broad areas of microeconomics, behavioural economics and macroeconomics from the point of view of classical recursion theory. This viewpoint makes it imperative that the fundamental economic entities in question are given an algorithmic formulation. Algorithms, in turn, are intrinsically dynamic objects which, if they are nontrivial, encapsulate nonlinear dynamics in novel ways such that it is possible to ask decidability questions and obtain effective answers about the economic entities. It is shown, formally, that rational economic behaviour is comfortably consistent with nonmaximum, disequilibrium and unstable economic dynamics in core areas of microeconomics, behavioural economics and macroeconomics.

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  • K. Vela Velupillai, 1999. "Undecidability, Computation Universality and Minimality in Economic Dynamics," Journal of Economic Surveys, Wiley Blackwell, vol. 13(5), pages 653-674, December.
    • Handle: RePEc:bla:jecsur:v:13:y:1999:i:5:p:653-674
    DOI: 10.1111/1467-6419.00101
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    Cited by:

    1. K.Vela Velupillai, 2012. "The Epistemology of Simulation, Computation and Dynamics in Economics," ASSRU Discussion Papers 1218, ASSRU - Algorithmic Social Science Research Unit.
    2. Kumaraswamy Velupillai, 2003. "Economics and the complexity vision: chimerical partners or elysian adventurers," Department of Economics Working Papers 0307, Department of Economics, University of Trento, Italia.

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