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Neumannian Economy in Multi-agent Approach. Investigation of Stability and Instability in Economic Growth

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  • Katalin Martinas

    (Department of Atomic Physics, Eötvös Loránd Technical University)

Abstract

Axiomatic foundation of non-equilibrium microeconomics is outlined. The economic activity is modelled as transformation and transport of commodities (materials) owned by the agents. Rate of transformations (production intensity), and the rate of transport (trade) are defined by the agents. Economic decision rules are derived from the observed economic behaviour. The non-linear equations are solved numerically for the Neumannian economy. The emergence of the equilibrium market structure appears as an order out of chaos process.

Suggested Citation

  • Katalin Martinas, 2004. "Neumannian Economy in Multi-agent Approach. Investigation of Stability and Instability in Economic Growth," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 2(1), pages 70-78.
    • Handle: RePEc:zna:indecs:v:2:y:2004:i:1:p:70-78
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    References listed on IDEAS

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    1. Mirowski, Philip, 1984. "Physics and the 'Marginalist Revolution.'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 8(4), pages 361-379, December.
    2. Robert U. Ayres & Katalin Martina, s, 1996. "Wealth accumulation and economic progress," Journal of Evolutionary Economics, Springer, vol. 6(4), pages 347-359.
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    Cited by:

    1. Konstantin Yanovsky & Rinat Menyashev & Timofey Ginker, 2014. "Indices, Institutions and Economic Growth: In Search of Reliable Indicators (recount)," Working Papers 0103, Gaidar Institute for Economic Policy, revised 2014.

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