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Algorithmic economics as an economics of thought

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  • Bin Li

Abstract

Computer science indicates that thinking means the processes in which a finite number of innate 'instructions' act serially, alternately, and selectively on data. This implies a roundabout method of production of thought, which consumes time and resources, and which requires and produces knowledge stocks. Optimising the computing economy and decision-making timeliness, computations must frequently adopt various methods other than deductive reasoning, thus leading to a subjective turn and the occurrence of innovations. The combinational explosion between instructions and data underscores that the socio-economic world is a one-way and explosive evolution (not too dissimilar) to the Big Bang, which begets the synthesis or unification of economics.

Suggested Citation

  • Bin Li, 2022. "Algorithmic economics as an economics of thought," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 13(2), pages 176-191.
    • Handle: RePEc:ids:ijplur:v:13:y:2022:i:2:p:176-191
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    Cited by:

    1. Li, Bin, 2022. "Algorithmic Economics," MPRA Paper 113563, University Library of Munich, Germany.
    2. Xia, Xiqiang & Chishti, Muhammad Zubair & Dogan, Eyup, 2024. "Transition towards the sustainable development: unraveling the effects of mineral markets, Belt & Road Initiative, and the Paris Agreement on green economic growth," Resources Policy, Elsevier, vol. 91(C).

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