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Adaptive Behavior, Market Processes and the Computable Approach


  • Axel Leijonhufvud

    (University of Trento, Italy)


Economies are evolving, complex, adaptive dynamic systems. Yet mainstream economics seems committed to an alien and unpromising methodology. Computable Economics attempts to reorient economics in a direction that will enable us to learn from new methods of investigation that have been developed in areas such ecology, brain research, and computer science, which deal with evolving complex dynamic systems. This paper intends to discuss what keeps standard economics from adopting the perspective of complex dynamic systems theory.

Suggested Citation

  • Axel Leijonhufvud, 1999. "Adaptive Behavior, Market Processes and the Computable Approach," Brazilian Electronic Journal of Economics, Department of Economics, Universidade Federal de Pernambuco, vol. 2(2), June.
  • Handle: RePEc:bej:issued:v:1:y:1999:i:2:axel

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    References listed on IDEAS

    1. Allais, Maurice, 1972. "Forgetfulness and Interest," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 4(1), pages 40-73, Part I Fe.
    2. Heymann, Daniel & Leijonhufvud, Axel, 1995. "High Inflation: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288442, November.
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    Cited by:

    1. Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008. "Adaptive Microfoundations for Emergent Macroeconomics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 34(4), pages 441-463.

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    More about this item

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles


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