WhyNot?

Economics Simulation

Category: Software
Responses: 5 (3 in support, 0 neutral, 2 in opposition)
Number of views: 540
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Economics Simulation is an increasingly attractive option vs Economics Analysis because :-

1. microprocessors are still doubling in speed every 18-24 months. (Moore's law)

2. standardised ways to compartmentalise the resulting increasing complexity are emerging. (Java)

Permitting more detailed/larger models than with Analysis.

Simulation allows modification in multiple dimensions, permitting escape velocity from neo-classical economics.

Some of the extra speed can be spent on modelling the flow of information in an economy just as tightly as the flow of money/goods.

dbg, Oct 25 2003

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Comments from other members:

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This is a very sound idea. Simulation has penetrated science, starting from physics, continuing to chemistry and is having lots of applications in engineering. In my field, instrumentation for ionising radiation, simulation has revolutionised the approach of designing and exploiting instruments in the last 10 years. Economics Simulations will have a bright future.

totto, Oct 25 2003

I thought simulations are supposed to allow for systems to display emergent behavior. Economics is already abstract, and though this "rigor" provides a foundation, it's also alienating, and more importantly, simplistic. Simulations (already done by the likes of Samuel Bowles of the Santa Fe Institute and UMAss at Amherst) are interesting, but I'm afraid they'd pervade quickly in a field populated by people who enjoy technical things for (sometimes) the wrong reasons.

sore_eros, Oct 27 2003

Simulations don't need to display emergent behaviour, if its not in the real system!I find only new Mathematics applications pervade quickly in the Economics field. Even Game theory is thought of a modern development with potential. Rather than a 55 year old comparative failure.

Biologists have created human heart simulations, and are working towards the whole body simulation linked to genetics.The economists "whole planet" micro-simulation would be the equivilent.

dbg, Dec 09 2003

I think 'whole planet' simulations are a ways off. However, simulations are already used quite a bit in economics. Try searching on Google under "computational economics" or "agent-based".

I have found that one of the useful features of simulations and computaional methods in general is their ability to suggest new analytical theorems.

ajguse, Jan 06 2004

So would you agree that Economics now has three legs. Analysis, estimation and simulation.

dbg, Feb 03 2004