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Adaptive Behavior, Market Processes and the Computable Approach

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  • Axel Leijonhufvud

Abstract

[fre] Les économies sont des systèmes dynamiques adaptatifs complexes. Pour­tant, l'analyse économique est rivée à une méthodologie qui est tout à fait diffé­rente de celle mise en œuvre dans d'autres domaines, tels que l'écologie, les sciences cognitives ou l'informatique, où les mêmes types de système sont étu­diés. L'analyse économique « calculatoire » tente de réorienter l'économie de telle manière à rendre faisable une interaction plus profitable avec ces autres domai­nes scientifiques.. Nombre de questions commodément ignorées dans la théorie standard peu­vent être prises en considération au moyen de simulations numériques. On peut modéliser des processus économiques plutôt que simplement leur terme pré­sumé, par exemple, et être explicite à propos des structures en réseau des inte­ractions de marché. La modélisation des processus d'échange fait apparaître nombre de questions en relation avec le traitement du temps en théorie économi­que. Une question particulière, celui de télescopage de la perspective temporelle dans les situations d'inflation élevée, est discutée en détail. L'explication précé­demment proposée par M. Allais est considérée et une explication alternative est suggérée. [eng] Economies are evolving, complex, adaptive dynamic systems. Yet, economics is com­mitted to a methodology that is quite different from that of other fields, such as ecology or brain research or computer science, in which such systems are studied. Computable economics attempts to reorient economics so as to make feasible a more fruitful interac­tion with these other fields.. A number of problems conveniently ignored in standard theory can be tackled by com­puter simulation. One may model economic processes rather than just their presumed end-states, for example, and be explicit about the network structure of market interac­tions. The modelling of trading processes raises a number of problems relating to the treatment of time in economic theory. One particular problem, the 'telescoping' of tem­poral perspective observed in high inflations, is discussed at length. The explanation pre­viously offered by Maurice Allais is considered and an alternative one suggested.

Suggested Citation

  • Axel Leijonhufvud, 1995. "Adaptive Behavior, Market Processes and the Computable Approach," Revue Économique, Programme National Persée, vol. 46(6), pages 1497-1510.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_6_409748
    DOI: 10.3406/reco.1995.409748
    Note: DOI:10.3406/reco.1995.409748
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    1. Heymann, Daniel & Leijonhufvud, Axel, 1995. "High Inflation: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288442.
    2. Allais, Maurice, 1972. "Forgetfulness and Interest," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 4(1), pages 40-73, Part I Fe.
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    Cited by:

    1. Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008. "Adaptive Microfoundations for Emergent Macroeconomics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 34(4), pages 441-463.
    2. Vicente Moreno-Casas, 2024. "What can complexity learn from Misesian economics?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(3), pages 267-291, September.

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    More about this item

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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