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Agent-based computational economics

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</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="Multi-agent_system" title="Multi-agent system">Multi-agent systems</a></th></tr><tr><th class="sidebar-heading">

<a href="Multi-agent_simulation" class="mw-redirect" title="Multi-agent simulation">Multi-agent simulation</a></th></tr><tr><td class="sidebar-content">

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<li><a href="Agent-based_model_in_biology" title="Agent-based model in biology">Agent-based model in biology</a></li>

<li><a href="Agent-based_social_simulation" title="Agent-based social simulation">Agent-based social simulation</a></li>

<li><a href="List_of_agent-based_modeling_software" class="mw-redirect" title="List of agent-based modeling software">Agent-based modeling software</a></li></ul>

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<a href="Agent-oriented_programming" title="Agent-oriented programming">Agent-oriented programming</a></th></tr><tr><td class="sidebar-content">

<li><a href="Botnet" title="Botnet">Botnets</a></li>

<li><a href="Comparison_of_platforms_for_software_agents" title="Comparison of platforms for software agents">Platforms for software agents</a>

<li><a href="GORITE" title="GORITE">GORITE</a></li></ul></li>

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<li><a href="Multi-agent_pathfinding" title="Multi-agent pathfinding">Multi-agent pathfinding</a></li>

<li><a href="Multi-agent_planning" title="Multi-agent planning">Multi-agent planning</a></li>

<li><a href="Multi-agent_reinforcement_learning" title="Multi-agent reinforcement learning">Multi-agent reinforcement learning</a></li>

<li><a href="Self-propelled_particles" title="Self-propelled particles">Self-propelled particles</a></li>

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Agent-based computational economics (ACE) is the area of <a href="Computational_economics" title="Computational economics">computational economics</a> that studies economic processes, including whole <a href="Economy" title="Economy">economies</a>, as <a href="Dynamic_system" class="mw-redirect" title="Dynamic system">dynamic systems</a> of interacting <a href="Agent_(economics)" title="Agent (economics)">agents</a>. As such, it falls in the <a href="Paradigm" title="Paradigm">paradigm</a> of <a href="Complex_adaptive_system" title="Complex adaptive system">complex adaptive systems</a>.<a href="#cite_note-1">[1]</a> In corresponding <a href="Agent-based_model" title="Agent-based model">agent-based models</a>, the "<a href="Agent_(economics)" title="Agent (economics)">agents</a>" are "computational objects modeled as interacting according to rules" over space and time, not real people. The rules are formulated to model behavior and social interactions based on incentives and information.<a href="#cite_note-2">[2]</a> Such rules could also be the result of optimization, realized through use of AI methods (such as <a href="Q-learning" title="Q-learning">Q-learning</a> and other reinforcement learning techniques).<a href="#cite_note-3">[3]</a>

As part of <a href="Non-equilibrium_economics" title="Non-equilibrium economics">non-equilibrium economics</a>,<a href="#cite_note-arthur-4">[4]</a> the theoretical assumption of <a href="Mathematical_optimization" title="Mathematical optimization">mathematical optimization</a> by agents in <a href="Equilibrium_(economics)" class="mw-redirect" title="Equilibrium (economics)">equilibrium</a> is replaced by the less restrictive postulate of agents with <a href="Bounded_rationality" title="Bounded rationality">bounded rationality</a> adapting to market forces.<a href="#cite_note-5">[5]</a> ACE models apply <a href="Numerical_methods" class="mw-redirect" title="Numerical methods">numerical methods</a> of analysis to <a href="Computer_simulation" title="Computer simulation">computer-based simulations</a> of complex dynamic problems for which more conventional methods, such as theorem formulation, may not find ready use.<a href="#cite_note-6">[6]</a> Starting from initial conditions specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other, including learning from interactions. In these respects, ACE has been characterized as a bottom-up culture-dish approach to the study of <a href="Economic_systems" class="mw-redirect" title="Economic systems">economic systems</a>.<a href="#cite_note-7">[7]</a>

ACE has a similarity to, and overlap with, <a href="Game_theory" title="Game theory">game theory</a> as an agent-based method for modeling social interactions.<a href="#cite_note-COMP&GT-8">[8]</a> But practitioners have also noted differences from standard methods, for example in ACE events modeled being driven solely by initial conditions, whether or not equilibria exist or are computationally tractable, and in the modeling facilitation of agent autonomy and learning.<a href="#cite_note-9">[9]</a>

The method has benefited from continuing improvements in modeling techniques of <a href="Computer_science" title="Computer science">computer science</a> and increased computer capabilities. The ultimate scientific objective of the method is to "test theoretical findings against real-world data in ways that permit empirically supported theories to cumulate over time, with each researcher’s work building appropriately on the work that has gone before."<a href="#cite_note-10">[10]</a> The subject has been applied to research areas like <a href="Asset_pricing" title="Asset pricing">asset pricing</a>,<a href="#cite_note-arthuretal-11">[11]</a> <a href="Energy_modeling" title="Energy modeling">energy systems</a>,<a href="#cite_note-12">[12]</a> <a href="Competition" title="Competition">competition</a> and <a href="Collaboration" title="Collaboration">collaboration</a>,<a href="#cite_note-13">[13]</a> <a href="Transaction_cost" title="Transaction cost">transaction costs</a>,<a href="#cite_note-14">[14]</a> <a href="Market_structure" title="Market structure">market structure</a> and <a href="Industrial_organization" title="Industrial organization">industrial organization</a> and dynamics,<a href="#cite_note-15">[15]</a> <a href="Welfare_economics" title="Welfare economics">welfare economics</a>,<a href="#cite_note-16">[16]</a> and <a href="Mechanism_design" title="Mechanism design">mechanism design</a>,<a href="#cite_note-17">[17]</a> <a href="Information_economics" title="Information economics">information and uncertainty</a>,<a href="#cite_note-18">[18]</a> <a href="Macroeconomics" title="Macroeconomics">macroeconomics</a>,<a href="#cite_note-19">[19]</a> and <a href="Marxist_economics" class="mw-redirect" title="Marxist economics">Marxist economics</a>.<a href="#cite_note-20">[20]</a><a href="#cite_note-21">[21]</a>

Recent integrations of reinforcement learning and deep learning architectures have enabled simulation of AI-driven agents in complex multi-agent economic models, enhancing realism and emergent behaviour forecasting.<a href="#cite_note-22">[22]</a>

<div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2></div>

The "<a href="Agent_(economics)" title="Agent (economics)">agents</a>" in ACE models can represent individuals (e.g. people), social groupings (e.g. firms), biological entities (e.g. growing crops), and/or physical systems (e.g. transport systems). The ACE modeler provides the initial configuration of a computational economic system comprising multiple interacting agents. The modeler then steps back to observe the development of the system over time without further intervention. In particular, system events should be driven by agent interactions without external imposition of equilibrium conditions.<a href="#cite_note-23">[23]</a> Issues include those common to <a href="Experimental_economics" title="Experimental economics">experimental economics</a> in general<a href="#cite_note-24">[24]</a> and development of a common framework for empirical validation <a href="#cite_note-25">[25]</a> and resolving open questions in agent-based modeling.<a href="#cite_note-26">[26]</a>

ACE is an officially designated special interest group (SIG) of the Society for Computational Economics.<a href="#cite_note-27">[27]</a> Researchers at the <a href="Santa_Fe_Institute" title="Santa Fe Institute">Santa Fe Institute</a> have contributed to the development of ACE.

<div class="mw-heading mw-heading2"><h2 id="Agent-based_finance">Agent-based finance</h2></div>

One area where ACE methodology has frequently been applied is asset pricing. <a href="W._Brian_Arthur" title="W. Brian Arthur">W. Brian Arthur</a>, Eric Baum, <a href="William_A._Brock_(economist)" class="mw-redirect" title="William A. Brock (economist)">William Brock</a>, Cars Hommes, and Blake LeBaron, among others, have developed computational models in which many agents choose from a set of possible forecasting strategies in order to predict stock prices, which affects their asset demands and thus affects stock prices. These models assume that agents are more likely to choose forecasting strategies which have recently been successful. The success of any strategy will depend on market conditions and also on the set of strategies that are currently being used. These models frequently find that large booms and busts in asset prices may occur as agents switch across forecasting strategies.<a href="#cite_note-arthuretal-11">[11]</a><a href="#cite_note-28">[28]</a><a href="#cite_note-29">[29]</a> More recently, Brock, Hommes, and Wagener (2009) have used a model of this type to argue that the introduction of new hedging instruments may destabilize the market,<a href="#cite_note-30">[30]</a> and some papers have suggested that ACE might be a useful methodology for understanding the 2008 <a href="Financial_crisis" title="Financial crisis">financial crisis</a>.<a href="#cite_note-31">[31]</a><a href="#cite_note-32">[32]</a><a href="#cite_note-33">[33]</a>

See also discussion under <a href="Financial_economics#Financial_markets" title="Financial economics">Financial economics § Financial markets</a> and <a href="Financial_economics#Departures_from_rationality" title="Financial economics">§ Departures from rationality</a>.

<div class="mw-heading mw-heading2"><h2 id="Agent-based_macroeconomics">Agent-based macroeconomics</h2></div>

Agent-Based Macroeconomics (ABM) builds understanding of the economy from the very bottom up. Instead of broad averages, ABM explicitly simulates many diverse, heterogeneous agents. Each agent operates with specific rules for behavior and learning. They also form expectations in unique ways. This "bottom-up" philosophy traces back to Herbert Simon's early work. Economic events emerge organically from the agents' interactions. They are not simply caused by external shocks. ABM incorporates empirically-informed behavioral rules. It also represents persistent heterogeneity among agents. Explicit institutional structures and market frictions are included too.<a href="#cite_note-34">[34]</a>

<ul><li><a href="Agent-based_social_simulation" title="Agent-based social simulation">Agent-based social simulation</a></li>

<li><a href="Artificial_financial_market" class="mw-redirect" title="Artificial financial market">Artificial financial market</a></li>

<li><a href="Computational_economics" title="Computational economics">Computational economics</a></li>

<li><a href="Econophysics" title="Econophysics">Econophysics</a></li>

<li><a href="Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li>

<li><a href="Multi-agent_system" title="Multi-agent system">Multi-agent system</a></li>

<li><a href="Statistical_finance" title="Statistical finance">Statistical finance</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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<li id="cite_note-1"><a href="#cite_ref-1">^</a> • <a href="W._Brian_Arthur" title="W. Brian Arthur">W. Brian Arthur</a>, 1994. "<a rel="nofollow" class="external text" href="https://ocw.tudelft.nl/wp-content/uploads/ElFarolArtur1994.pdf">Inductive Reasoning and Bounded Rationality</a>," American Economic Review, 84(2), pp. <a rel="nofollow" class="external text" href="http://www-personal.umich.edu/~samoore/bit885f2011/arthur-inductive.pdf">406-411</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130521145936/http://www-personal.umich.edu/~samoore/bit885f2011/arthur-inductive.pdf">Archived</a> 21 May 2013 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.    • <a href="Leigh_Tesfatsion" title="Leigh Tesfatsion">Leigh Tesfatsion</a>, 2003. "Agent-based Computational Economics: Modeling Economies as Complex Adaptive Systems," Information Sciences, 149(4), pp. <a rel="nofollow" class="external text" href="http://copper.math.buffalo.edu/urgewiki/uploads/Literature/Tesfatsion2002.pdf">262-268</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120426000037/http://copper.math.buffalo.edu/urgewiki/uploads/Literature/Tesfatsion2002.pdf">Archived</a> 26 April 2012 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.

</li>

<li id="cite_note-2"><a href="#cite_ref-2">^</a> Scott E. Page (2008). "agent-based models," <a href="The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_A000218&edition=current&q=agent-based%20computational%20modeling&topicid=&result_number=1">Abstract</a>.

</li>

<li id="cite_note-3"><a href="#cite_ref-3">^</a> Richard S. Sutton and Andrew G. Barto, Reinforcement Learning: An Introduction, The MIT Press, Cambridge, MA, 1998 <a rel="nofollow" class="external autonumber" href="http://www.cs.ualberta.ca/~sutton/book/ebook/the-book.html">[1]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090904194934/http://www.cs.ualberta.ca/~sutton/book/ebook/the-book.html">Archived</a> 4 September 2009 at the <a href="Wayback_Machine" title="Wayback Machine">Wayback Machine</a>

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</style><cite id="CITEREFArther2006" class="citation book cs1"><a href="W._Brian_Arthur" title="W. Brian Arthur">Arther, W. Brian</a> (2006). "Out-of-Equilibrium Economics and Agent-Based Modeling". Handbook of Computational Economics. Vol. 2. pp. 1551–1564.</cite>

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</ol></div></div>

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</style></div><div role="navigation" class="navbox" aria-labelledby="Economics681" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Economics681" style="font-size:114%;margin:0 4em"><a href="Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Microeconomics" title="Microeconomics">Microeconomics</a>

<ul><li><a href="Decision_theory" title="Decision theory">Decision theory</a></li>

<li><a href="Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li>

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<li><a href="Contract_theory" title="Contract theory">Contract theory</a></li>

<li><a href="Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li>

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<li><a href="Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li>

<li><a href="Complexity_economics" title="Complexity economics">Complexity economics</a></li>

<li><a href="Computational_economics" title="Computational economics">Computational economics</a>

<li><a href="Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li>

<li><a href="Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Econometrics" title="Econometrics">Econometrics</a>

<ul><li><a href="Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li>

<li><a href="Experimental_economics" title="Experimental economics">Experimental economics</a></li>

<li><a href="Economic_history" title="Economic history">Economic history</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Agricultural_economics" title="Agricultural economics">Agriculture</a></li>

<li><a href="Business_economics" title="Business economics">Business</a></li>

<li><a href="Cultural_economics" title="Cultural economics">Cultural</a></li>

<li><a href="Demographic_economics" title="Demographic economics">Demographic</a></li>

<li><a href="Development_economics" title="Development economics">Development</a></li>

<li><a href="Ecological_economics" title="Ecological economics">Ecological</a></li>

<li><a href="Education_economics" title="Education economics">Education</a></li>

<li><a href="Engineering_economics" title="Engineering economics">Engineering</a></li>

<li><a href="Environmental_economics" title="Environmental economics">Environmental</a></li>

<li><a href="Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li>

<li><a href="Financial_economics" title="Financial economics">Financial</a></li>

<li><a href="Economic_geography" title="Economic geography">Geographic</a></li>

<li><a href="Happiness_economics" title="Happiness economics">Happiness</a></li>

<li><a href="Health_economics" title="Health economics">Health</a></li>

<li><a href="Economic_history" title="Economic history">History</a></li>

<li><a href="Information_economics" title="Information economics">Information</a></li>

<li><a href="Infrastructure_and_economics" title="Infrastructure and economics">Infrastructure</a></li>

<li><a href="Institutional_economics" title="Institutional economics">Institutions</a></li>

<li><a href="Labour_economics" title="Labour economics">Labour</a></li>

<li><a href="Managerial_economics" title="Managerial economics">Management</a></li>

<li><a href="Non-monetary_economy" title="Non-monetary economy">Non-monetary</a></li>

<li><a href="Organizational_economics" title="Organizational economics">Organization</a></li>

<li><a href="Economics_of_participation" title="Economics of participation">Participation</a></li>

<li><a href="Personnel_economics" title="Personnel economics">Personnel</a></li>

<li><a href="Economic_planning" title="Economic planning">Planning</a></li>

<li><a href="Economic_policy" title="Economic policy">Policy</a></li>

<li><a href="Public_economics" title="Public economics">Public sector</a></li>

<li><a href="Public_choice" title="Public choice">Public choice</a></li>

<li><a href="Social_choice" class="mw-redirect" title="Social choice">Social choice</a></li>

<li><a href="Regional_economics" title="Regional economics">Regional</a></li>

<li><a href="Regulatory_economics" title="Regulatory economics">Regulatory</a></li>

<li><a href="Natural_resource_economics" title="Natural resource economics">Resources</a></li>

<li><a href="Rural_economics" title="Rural economics">Rural</a></li>

<li><a href="Service_economy" title="Service economy">Service</a></li>

<li><a href="Transport_economics" title="Transport economics">Transport</a></li>

<li><a href="Urban_economics" title="Urban economics">Urban</a></li>

<li><a href="Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Schools_of_economic_thought" title="Schools of economic thought">Schools</a> (<a href="History_of_economic_thought" title="History of economic thought">history</a>) </div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Attention_economy" title="Attention economy">Attention</a></li>

<li><a href="Mainstream_economics" title="Mainstream economics">Mainstream</a></li>

<li><a href="Heterodox_economics" title="Heterodox economics">Heterodox</a></li>

<li><a href="American_School_(economics)" title="American School (economics)">American (National)</a></li>

<li><a href="Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li>

<li><a href="Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li>

<li><a href="Behavioral_economics" title="Behavioral economics">Behavioral</a></li>

<li><a href="Buddhist_economics" title="Buddhist economics">Buddhist</a></li>

<li><a href="Chartalism" title="Chartalism">Chartalism</a>

<ul><li><a href="Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li>

<li><a href="Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li>

<li><a href="Classical_economics" title="Classical economics">Classical</a></li>

<li><a href="Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li>

<li><a href="Economic_democracy" title="Economic democracy">Democratic</a></li>

<li><a href="Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li>

<li><a href="Ecological_economics" title="Ecological economics">Ecological</a></li>

<li><a href="Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li>

<li><a href="Feminist_economics" title="Feminist economics">Feminist</a></li>

<li><a href="Freiwirtschaft" title="Freiwirtschaft">Freiwirtschaft</a></li>

<li><a href="Georgism" title="Georgism">Georgism</a></li>

<li><a href="Happiness_economics" title="Happiness economics">Happiness</a></li>

<li><a href="Historical_school_of_economics" title="Historical school of economics">Historical</a></li>

<li><a href="Humanistic_economics" title="Humanistic economics">Humanistic</a></li>

<li><a href="Institutional_economics" title="Institutional economics">Institutional</a></li>

<li><a href="Keynesian_economics" title="Keynesian economics">Keynesian</a>

<ul><li><a href="Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li>

<ul><li><a href="Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li>

<li><a href="Malthusianism" title="Malthusianism">Malthusianism</a></li>

<li><a href="Marginalism" title="Marginalism">Marginalism</a></li>

<li><a href="Marxian_economics" title="Marxian economics">Marxian</a>

<li><a href="Mercantilism" title="Mercantilism">Mercantilism</a></li>

<li><a href="Mixed_economy" title="Mixed economy">Mixed</a></li>

<li><a href="Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li>

<li><a href="Neoclassical_economics" title="Neoclassical economics">Neoclassical</a>

<ul><li><a href="Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li>

<li><a href="New_classical_macroeconomics" title="New classical macroeconomics">New classical</a>

<ul><li><a href="Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li>

<li><a href="New_institutional_economics" title="New institutional economics">New institutional</a></li>

<li><a href="Physiocracy" title="Physiocracy">Physiocracy</a></li>

<li><a href="Socialist_economics" title="Socialist economics">Socialist</a></li>

<li><a href="Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li>

<li><a href="Supply-side_economics" title="Supply-side economics">Supply-side</a></li>

<li><a href="Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="Economist" title="Economist">Economists</a> </div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li>

<li><a href="Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li>

<li><a href="Adam_Smith" title="Adam Smith">Smith</a></li>

<li><a href="Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li>

<li><a href="David_Ricardo" title="David Ricardo">Ricardo</a></li>

<li><a href="Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li>

<li><a href="Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li>

<li><a href="Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li>

<li><a href="Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li>

<li><a href="L%C3%A9on_Walras" title="Léon Walras">Walras</a></li>

<li><a href="William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li>

<li><a href="Henry_George" title="Henry George">George</a></li>

<li><a href="Carl_Menger" title="Carl Menger">Menger</a></li>

<li><a href="Alfred_Marshall" title="Alfred Marshall">Marshall</a></li>

<li><a href="Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li>

<li><a href="John_Bates_Clark" title="John Bates Clark">Clark</a></li>

<li><a href="Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li>

<li><a href="Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li>

<li><a href="Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li>

<li><a href="Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li>

<li><a href="Silvio_Gesell" title="Silvio Gesell">Gesell</a></li>

<li><a href="Irving_Fisher" title="Irving Fisher">Fisher</a></li>

<li><a href="Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li>

<li><a href="Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li>

<li><a href="Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li>

<li><a href="Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li>

<li><a href="John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li>

<li><a href="Frank_Knight" title="Frank Knight">Knight</a></li>

<li><a href="Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li>

<li><a href="Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li>

<li><a href="Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li>

<li><a href="Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li>

<li><a href="Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li>

<li><a href="Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li>

<li><a href="Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li>

<li><a href="Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li>

<li><a href="Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li>

<li><a href="Joan_Robinson" title="Joan Robinson">Robinson</a></li>

<li><a href="John_von_Neumann" title="John von Neumann">von Neumann</a></li>

<li><a href="John_Hicks" title="John Hicks">Hicks</a></li>

<li><a href="Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li>

<li><a href="Wassily_Leontief" title="Wassily Leontief">Leontief</a></li>

<li><a href="John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li>

<li><a href="Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li>

<li><a href="E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li>

<li><a href="Milton_Friedman" title="Milton Friedman">Friedman</a></li>

<li><a href="Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li>

<li><a href="Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li>

<li><a href="James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li>

<li><a href="Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li>

<li><a href="William_Baumol" title="William Baumol">Baumol</a></li>

<li><a href="Robert_Solow" title="Robert Solow">Solow</a></li>

<li><a href="Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li>

<li><a href="Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li>

<li><a href="Thomas_Sowell" title="Thomas Sowell">Sowell</a></li>

<li><a href="Gary_Becker" title="Gary Becker">Becker</a></li>

<li><a href="Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li>

<li><a href="Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li>

<li><a href="Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li>

<li><a href="Richard_Thaler" title="Richard Thaler">Thaler</a></li>

<li><a href="Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li>

<li><a href="Paul_Krugman" title="Paul Krugman">Krugman</a></li>

<li><a href="Thomas_Piketty" title="Thomas Piketty">Piketty</a></li>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Glossary_of_economics" title="Glossary of economics">Glossary</a></li>

<li><a href="List_of_economists" title="List of economists">Economists</a></li>

<li><a href="List_of_important_publications_in_economics" class="mw-redirect" title="List of important publications in economics">Publications</a> (<a href="List_of_economics_journals" title="List of economics journals">journals</a>)</li>

<li><a href="Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul>

</div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div>

<ul><li>Category</li>

<li><a href="Index_of_economics_articles" title="Index of economics articles">Index</a></li>

<li>Lists</li>

<li><a href="Outline_of_economics" title="Outline of economics">Outline</a></li>

<li><a href="List_of_important_publications_in_economics" class="mw-redirect" title="List of important publications in economics">Publications</a></li>

<li><a href="Portal%3ABusiness" title="Portal:Business">Business portal</a></li></ul>

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