Competition as market progress: An Austrian rationale for agent-based modeling |
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Authors: | Guinevere Liberty Nell |
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Institution: | (1) The Heritage Foundation, Washington, DC, USA;(2) George Mason University, Fairfax, VA, USA |
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Abstract: | Economists recognize competition as fundamental to economic science. General equilibrium is not competition; Austrians, like
other economists, have sometimes confused the two. The socialist calculation debate and the elimination of competition by
socialists in the Soviet Union offer insight into danger of using an equilibrium framework to study competition. Current policy
models are based on a general equilibrium framework, but heterogeneous interactive agent-based models are rising to challenge
them. Austrian economists should embrace this new direction and guide the creation of agent-based models of the economy. |
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