Entangled economy: An ecosystems approach to modeling systemic level dynamics

Abstract:

We present a model of an economy inspired by individual based model approaches in evolutionary ecology. We demonstrate that evolutionary dynamics in a space of companies interconnected through a correlated interaction matrix produces time dependencies of the total size of the economy, total number of companies, companies' age and capital distribution that compares well with statistics for the USA. We discuss the relevance of our modeling framework to policy making. © 2012 Elsevier B.V. All rights reserved.

Año de publicación:

2013

Keywords:

• Complexity economics
• Evolutionary economics

Fuente:

scopus