Is Computer Modeling Essential for Understanding the Economy?

Click For Summary
SUMMARY

Computer modeling is essential for understanding complex systems, such as the economy, which involves billions of individuals and numerous organizations. The discussion highlights the inadequacy of simple analogies in predicting economic outcomes, emphasizing the need for sophisticated simulations. Key references include the Wikipedia page on Computable General Equilibrium and resources on Computational Economics. These tools provide frameworks for analyzing economic interactions and outcomes effectively.

PREREQUISITES
  • Understanding of Computable General Equilibrium models
  • Familiarity with Computational Economics
  • Knowledge of economic modeling techniques
  • Basic principles of simulation in complex systems
NEXT STEPS
  • Research the principles of Computable General Equilibrium modeling
  • Explore advanced topics in Computational Economics
  • Study specific economic models such as World3
  • Investigate the role of computer simulations in predicting economic trends
USEFUL FOR

Economists, data scientists, policymakers, and anyone interested in the application of computer modeling to economic analysis and prediction.

PhilKravitz
In EE when one has 40 transistor all agree that it is to complex for a person to understand without using computer simulation. In an economy with 7 billion people and millions of groups, organizations, corporation, governments most seem to feel that simple analogies are good enough to understand and predict what will happen.

Does anybody have any references to computer modeling of the economy? Thanks.
 
Computer science news on Phys.org
Excellent references. Thank you.
 

Similar threads

Current and Future AI Threats to Humanity and the Human Response
  • · Replies 10 ·
Replies
10
Views
5K
Other Why Choose Computational Physics?
  • · Replies 6 ·
Replies
6
Views
3K
Undergrad Feynmann's connection machine model
  • · Replies 1 ·
Replies
1
Views
3K
Is an Atomic Computer the Future of High-Speed Processing?
  • · Replies 2 ·
Replies
2
Views
6K
Undergrad The standard model from loop quantum gravity via spinors octonions
  • · Replies 26 ·
Replies
26
Views
5K
Is Alan Turing given too much credit when it comes to computers?
  • · Replies 29 ·
Replies
29
Views
5K
World Economic Forum's top 10 emerging techs
  • · Replies 1 ·
Replies
1
Views
2K
High School Is spacetime a quantum error correcting code?
  • · Replies 2 ·
Replies
2
Views
3K
Is Calculus Essential for a Successful Career in Computer Science?
  • · Replies 16 ·
Replies
16
Views
3K
Can computational models accurately predict cellular phenotypes from genotype?
  • · Replies 8 ·
Replies
8
Views
6K