Thursday, September 13, 2018
Simulating basic economies
[Hayek 1961]: "[economics] has become too ambitious by applying standards of rigorousness ... to the empirical science of economics where there are definite limits to what we can positively now; that we shall see more clearly what economics can do if we separate that logical groundwork – the economic calculus as I have called it – from its use in the empirical science of economics; and that, though this science is of great help in all-important issues of the choice of an economic order and of the general principles of economic policy, its power of specific prediction is inevitably limited – limited by the practical impossibility of ascertaining all the data – those very data whose utilization in the allocation of resources is the great merit of the market system"
[Jaffé]: agent-based simulations, allow us to explore complex economic phenomena.
It seems that python mesa could be a very interesting tool to explore economic interactions.
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