Chapter

Explorations in Computable Economics

Kumaraswamy Velupillai

in Computable Economics

Published in print January 2000 | ISBN: 9780198295273
Published online November 2003 | e-ISBN: 9780191596988 | DOI: http://dx.doi.org/10.1093/0198295278.003.0009
 Explorations in Computable Economics

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Three topics are discussed as pointers towards issues at the frontiers of computable economics: effectivizing the fundamental theorems of welfare economics; computable production theory; the effectivity of tâtonnement. Furthermore, in the appendix, an attempt is made to analyse the notion of finding a formally simplest theory of economic fluctuations. Some discursive notes on multiple equilibria in economic models and their possible generation due to various formal uncomputabilities is also presented.

Keywords: effective decentralization; effective tâtonnement; fluctuations; minimum description length; multiple equilibria; production functions; universal Turing machine; welfare economics

Chapter.  11917 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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