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1 results

  • 4 - Artificial Economics versus Mathematics?

  • from Part I - Artificial Economics and Mainstream Economics
  • Ruben Mercado
  • Book:
    Artificial Economics
    Published online:
    28 October 2021
    Print publication:
    04 November 2021, pp 60-70

  • Summary

    Chapter 4 focuses in the methodological and instrumental contrasts between artificial economics and mainstream economics. It discusses the mathematical methods of mainstream economics (centered around the use of optimization methods and systems of equations representations) versus the computational methods of artificial economics (characterized by the use of algorithms, software, and computer hardware). Presents basic notions on algorithms, recursion, and Turing machines. And discusses the methodological and instrumental differences between artificial economics and mainstream economics as derived from differences between classical mathematics and constructive mathematics.