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The Economy as an Agent-based Whole--Simulating Schumpeterian Dynamics

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  • Charlotte Bruun

Abstract

Schumpeter's view on the dynamics of economic systems has regained topicality as an early contribution to the complexity view in economics. The aim of this paper is to test some of the ideas of Schumpeter using an agent-based computational model. As in the early work of Schumpeter, the model presented assigns a central role to entrepreneurs, and through mechanisms involving creative destruction, the model displays cyclical behavior around a growth path. Focus will be placed on the role of the bankruptcy mechanism in selecting winners and exiting losers.

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  • Charlotte Bruun, 2003. "The Economy as an Agent-based Whole--Simulating Schumpeterian Dynamics," Industry and Innovation, Taylor & Francis Journals, vol. 10(4), pages 475-491.
    • Handle: RePEc:taf:indinn:v:10:y:2003:i:4:p:475-491
    DOI: 10.1080/1366271032000163694
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    References listed on IDEAS

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    1. Charlotte Bruun, 2002. "Programming," Computing in Economics and Finance 2002 318, Society for Computational Economics.
    2. Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253, April.
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    Cited by:

    1. Howitt, Peter & Özak, Ömer, 2014. "Adaptive consumption behavior," Journal of Economic Dynamics and Control, Elsevier, vol. 39(C), pages 37-61.
    2. George Judge, 2018. "Micro-Macro Connected Stochastic Dynamic Economic Behavior Systems," Econometrics, MDPI, vol. 6(4), pages 1-14, December.
    3. Filippo Neri, 2020. "How to Identify Investor's types in real financial markets by means of agent based simulation," Papers 2101.03127, arXiv.org.
    4. JinHyo Joseph Yun & DongKyu Won & KyungBae Park, 2018. "Entrepreneurial cyclical dynamics of open innovation," Journal of Evolutionary Economics, Springer, vol. 28(5), pages 1151-1174, December.
    5. Guido Ferilli & Pier Luigi Sacco & Massimo Buscema & Giorgio Tavano Blessi, 2015. "Understanding Cultural Geography as a Pseudo-Diffusion Process: The Case of the Veneto Region," Economies, MDPI, vol. 3(2), pages 1-28, June.

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