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Summary and Final Comments

  • Tim Gooding
Chapter

Abstract

It is almost certain that the economy is a complex system. This research uses experiments to begin the process of building basic economic theory assuming the economy is a complex system. Most importantly, it examines how empirically present evolutionary prerequisites of markets and society go on to form evolutionary processes that can dominate price and distribution. While the linear-system economic theory taught in university courses around the world is useful for short-term analyses, it will likely fail in the long-term if the economy is a complex system. Knowledge of how trade behaves in a complex-system is crucial for any economist or policy-maker designing theory or policies for the long-term.

Keywords

Complex-system Linear-system Evolution Emergent behaviour Price Equality Distribution Efficiency Population Long-term Short-term 

Reference

  1. Keen, S. (1995). Finance and economic breakdown: Modeling Minsky’s “financial instability hypothesis”. Journal of Post Keynesian Economics, 17(4), 607–635.Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Tim Gooding
    • 1
  1. 1.Kingston UniversityKingston upon ThamesUK

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