About

Globalised finance is the dominant force in modern capitalism, affecting both high-income and developing countries. We are a group of economists at UWE, Bristol working towards a critical re-articulation of the role of finance and money in economic theory and practice. Our approach can best be characterised as the ‘political economy of finance’. Our research encompasses macroeconomics, finance and accumulation.

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  1. The following paper was written for economists such as yourselves, willing to consider practical Pareto-improving enlargements to the current economic modeling toolkit. Comments welcome of course.

    Leigh Tesfatsion, “Modeling Economic Systems as Locally-Constructive Sequential Games,” Journal of Economic Methodology, Vol. 24, Issue 4, 2017, 384-409.

    Working paper preprint:
    http://www2.econ.iastate.edu/tesfatsi/EconSystemsAsLocallyConstructiveSequentialGames.LTesfatsionWP.pdf

    Keynote Address: Duke Forest Conference (2016)
    http://www2.econ.iastate.edu/tesfatsi/EconSystemsAsLCSGames.TalkSlides.LTesfatsion.pdf

    Abstract: Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, Agent-based Computational Economics (ACE), that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented and explained. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing.

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