Economic growth depends not only on how people make decisions but also upon how their decisions are coordinated. Because of this, aggregate outcomes can diverge from individual intentions. I illustrate this with reference to the modern literature on economic growth, and also with reference to an older literature on the stability of full-employment equilibrium. Agent-based computational methods are ideally suited for studying the aspects of growth most affected by coordination issues.
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ReDIF This chapter was published in: Leigh Tesfatsion & Kenneth L. Judd (ed.) Handbook of Computational Economics, , chapter 35, pages 1605-1624, 2006.