Non-equilibrium social science and policy : introduction and essays on new and changing paradigms in socio-economic thinking
Date
2017Author
Johnson, Jeffrey
Nowak, Andrzej
Ormerod, Paul
Rosewell, Bridget
Zhang, Yi-Cheng
Advisor
Johnson, Jeffrey
Nowak, Andrzej
Ormerod, Paul
Rosewell, Bridget
Zhang, Yi-Cheng
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Abstract
Between 2011 and 2014 the European Non-Equilibrium Social Science
Project (NESS) investigated the place of equilibrium in the social sciences and
policy. Orthodox economics is based on an equilibrium view of how the economy
functions and does not offer a complete description of how the world operates.
However, mainstream economics is not an empty box. Its fundamental insight, that
people respond to incentives, may be the only universal law of behaviour in the
social sciences. Only economics has used equilibrium as a primary driver of system
behaviour, but economics has become much more empirical at the microlevel over
the past two decades. This is due to two factors: advances in statistical theory
enabling better estimates of policy consequences at the microlevel, and the rise of
behavioural economics which looks at how people, firms and governments really
do behave in practice. In this context, this chapter briefly reviews the contributions
of this book across the social sciences and ends with a discussion of the research
themes that act as a roadmap for further research. These include: realistic models
of agent behaviour; multilevel systems; policy informatics; narratives and decision
making under uncertainty; and validation of agent-based complex systems models.
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Non-Equilibrium Social; Paradigms in Socio-EconomicCreative Commons
http://creativecommons.org/licenses/by/4.0/Collections
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