Individual and Collective Rationality in Complex Economic Systems

  • Alan Kirman
  • Published 2012 in
    2012 Third Brazilian Workshop on Social…
Macroeconomics has been preoccupied by the analysis of equilibrium states and their properties. It is assumed that there are mechanisms which will always drive the economy to equilibrium, from which it is perturbed only by exogenous shocks. What is needed however, are models which treat the economy as a complex evolving system which may undergo sudden and… (More)