Serendipity, complexity, and loneliness

No sooner (literally)  had I written about the complexity economics of the new book by David Colander and Roland Kupers,

, than (in one of the many instances of serendipity in life) another book  on complexity turned up in the post, courtesy of its author, Peter Smith. The book is

[amazon_image id=”0957069707″ link=”true” target=”_blank” size=”medium” ]The Reform of Economics[/amazon_image]

The book looks like it argues for a more realistic alternative to mainstream economics by actually developing it, using agent-based modelling. In a covering letter, Dr Smith says the intelligent agents: “learn by experience how to respond to market conditions. … They can engage in price exploration, and learn to manage their inventory, plant renewal and cashflow (or go bust), all starting from far-from-equilibrium states.” He also describes his research, and his search for a post-crisis renewal of economics as “a mite lonely.” I think it might be less lonely than he fears.