Classical Econophysics (routledge Advances In Experimental And Computable Economics)
by Allin F. Cottrell /
2009 / English / PDF
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This monograph examines the domain of classical political economy
using the methodologies developed in recent years both by the new
discipline of econo-physics and by computing science. This
approach is used to re-examine the classical subdivisions of
political economy: production, exchange, distribution and
finance.
This monograph examines the domain of classical political economy
using the methodologies developed in recent years both by the new
discipline of econo-physics and by computing science. This
approach is used to re-examine the classical subdivisions of
political economy: production, exchange, distribution and
finance.
The book begins by examining the most basic feature of economic
life – production – and asks what it is about physical laws that
allows production to take place. How is it that human labour is
able to modify the world? It looks at the role that information
has played in the process of mass production and the extent to
which human labour still remains a key resource. The Ricardian
labour theory of value is re-examined in the light of
econophysics, presenting agent based models in which the
Ricardian theory of value appears as an emergent property. The
authors present models giving rise to the class distribution of
income, and the long term evolution of profit rates in market
economies. Money is analysed using tools drawn both from computer
science and the recent Chartalist school of financial theory.
The book begins by examining the most basic feature of economic
life – production – and asks what it is about physical laws that
allows production to take place. How is it that human labour is
able to modify the world? It looks at the role that information
has played in the process of mass production and the extent to
which human labour still remains a key resource. The Ricardian
labour theory of value is re-examined in the light of
econophysics, presenting agent based models in which the
Ricardian theory of value appears as an emergent property. The
authors present models giving rise to the class distribution of
income, and the long term evolution of profit rates in market
economies. Money is analysed using tools drawn both from computer
science and the recent Chartalist school of financial theory.
Covering a combination of techniques drawn from three areas,
classical political economy, theoretical computer science and
econophysics, to produce models that deepen our understanding of
economic reality, this new title will be of interest to higher
level doctoral and research students, as well as scientists
working in the field of econophysics.
Covering a combination of techniques drawn from three areas,
classical political economy, theoretical computer science and
econophysics, to produce models that deepen our understanding of
economic reality, this new title will be of interest to higher
level doctoral and research students, as well as scientists
working in the field of econophysics.