Economics in nouns and verbs

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Technical Change and the Aggregate Production Function

Robert M Solow (1957)

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After two centuries of studying equilibria-static patterns that call for no further behavioral adjustments-economists are beginning to study the general emergence of structures and the unfolding of patterns in the economy. When viewed in out-of-equilibrium formation, economic patterns sometimes simplify into the simple static equilibria of standard economics. More often they are ever changing, showing perpetually novel behavior and emergent phenomena. Complexity portrays the economy not as deterministic, predictable, and mechanistic, but as process dependent, organic, and always evolving.

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Agent-based computational models and generative social science

Joshua Epstein (1999)

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Author and article information

Contributors

W. Brian Arthur: (View ORCID Profile)

Journal

Title: Journal of Economic Behavior & Organization

Abbreviated Title: Journal of Economic Behavior & Organization

Publisher: Elsevier BV

ISSN (Print): 01672681

Publication date Created: January 2023

Publication date (Print): January 2023

Volume: 205

Pages: 638-647

Article

DOI: 10.1016/j.jebo.2022.10.036

SO-VID: 20cf7773-2f27-4846-bbc8-64be641817db

License:

https://www.elsevier.com/tdm/userlicense/1.0/

http://creativecommons.org/licenses/by/4.0/

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