Complexity Economics An Introduction
What you’ll learn
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The aim of this course is to give you a solid grasp of the core concepts within the domain of complexity economics
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By the end of the course you should be familiar with and be able to apply the most important models from complexity economics
As advanced economies come to the end of the process of industrialization and with the rise of information technology we are witnessing the birth of a new type of post-industrial economy, it is built on services, fueled by information and knowledge and it is increasingly integrated through global financial and supply chain networks. These huge changes in the deep architecture to our economies go far beyond our industrial paradigm and are necessitating a re-imagination of economy theory. General equilibrium models that were derived from classical physics got mathematized during the 20th century, these models give us a picture of the economy as composed of isolated, purely rational individuals, optimizing over a well defined set of preferences out of which we get a macro level general equilibrium in a somewhat static and timeless economy.
It was a paradigm that fitted well with industrial age mechanization. But today the limitations of general equilibrium theory are becoming more apparent as we build new models, models to individual agents that have bounded rationality, driven by a diversity of motives they are interconnected and interdependent. And it is out of these nonlinear interactions we get the emergence of economic institutions as network structures that are far-from-equilibrium, in an economy that is constantly changing from internal drivers as it develops over time through an evolutionary process.
Content
This course is an overview to the new area of complexity economics, the application of models from complexity theory to the domain of economic science. The course is broken down into five main sections, we will start off with an overview to economic theory discussing our standard approach before going on to give a clear outline to the main ideas coming out of complexity economies. Next we will borrow from behavioral economics to build up a more complex model to economic agents as we talk about the idea of bounded rationality, different theories of value, choice theory and incentive systems.
In the third section we will be looking at nonlinear economics as we apply system dynamics to modeling micro economic phenomena, we will be talking about how feedback loops create nonlinearity and the process of self-organization out of which emerges non-equilibrium patterns of organization in the economy. Next we will apply network analysis to modeling macro level economic institutions such as markets, we will introduce you to the basics of network theory and go on to talk about economic networks, their topology, distribution and dynamics. In the final section will be looking through the lens of complex adaptive systems theory to understand how whole macro economies emerge out of the actions and reactions of many different organizations, we will use the model of a fitness landscape in order to help us understand the process of economic evolution.
Who this course is for:
- This course is intended for a broad group of people but will be particularly relevant for those with a background in economics or busness management
10 reviews for Complexity Economics An Introduction
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Original price was: $34.99.$14.99Current price is: $14.99.
Mark Monsky –
The learning objectives aren’t clear and there has been no assessment along the way to get a sense of whether or not I’ve learned anything. It’s beginning to all sound the same and at such a high level I doubt the information will be at all useful.
Amit M. Kheradia –
Great course, very detailed!
Joseph Pelicon –
Clearly explained content but would like a self test at end of each section to check understanding of content covered.
Michael O’Laughlin –
Clear, well presented ideas. I would value more detail and examples illustrating the concepts and specific ideas currently present in the field.
Kellen Wolf –
Fantastic content, would have been 10 stars for better visuals.
D Sankar –
Yes definitely this course is very helpful for all those aspirants who want to explore Economics in detailed sense.
Maneesh Kumar –
It was a really good session, touched upon major concepts, and helped in my further areas of research.
Tjipto Juwono –
It is as I expected
Valentin Schläffer –
very concise and focused selection of material
Lee Robinson –
The theoretical elements of the course were superb and worthy of five stars.
There could have been a few more examples to illustrate these complex theories.
But the narrator uses ‘to’ and ‘of’ interchangably.
You don’t have a model ‘TO’ something, you have a model ‘OF’ something.
And you don’t give an overview ‘TO’ a module, you give an overview ‘OF’ a module!!
Without this, the course would be near perfect but I could not get past how very annoying this was and how it made the delivery much less clear. It was like nails down a blackboard for me.