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Simulation, computation and dynamics in economics

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  • K. Vela Velupillai
  • Stefano Zambelli

Abstract

Computation and Simulation have always played a role in economics - whether it be pure economic theory or any variant of applied, especially policy-oriented, macro- and microeconomics or what has increasingly come to be called empirical or experimental economics. Computations and simulations are also intrinsically dynamic. This triptych - computation, simulation and dynamic - is given natural foundations, mainly as a result of developments in the mathematics underpinnings in the potentials of computing, using digital technology. A running theme in this essay is the recognition that, increasingly, the development of economic theory seems to go hand in hand with advances in the theory and practice of computing, which is, in turn, a catalyst for the move away from too much reliance on any kind of mathematics for the formalisation of economic entities that is inconsistent with the mathematical, methodological and epistemological foundations of the theory of computation.

Suggested Citation

  • K. Vela Velupillai & Stefano Zambelli, 2015. "Simulation, computation and dynamics in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(1), pages 1-27, March.
    • Handle: RePEc:taf:jecmet:v:22:y:2015:i:1:p:1-27
    DOI: 10.1080/1350178X.2015.1004933
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    Cited by:

    1. Roy Cerqueti & Luca De Benedictis & Valerio Leone Sciabolazza, 2022. "Segregation with social linkages: Evaluating Schelling’s model with networked individuals," Metroeconomica, Wiley Blackwell, vol. 73(2), pages 384-440, May.
    2. Camilo Olaya, 2015. "Cows, agency, and the significance of operational thinking," System Dynamics Review, System Dynamics Society, vol. 31(4), pages 183-219, October.
    3. Khamdamov, T., 2022. "A brief overview of the evolution of computer simulations in economic research," Journal of the New Economic Association, New Economic Association, vol. 54(2), pages 189-207.

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