When complexity meets economics, complexity economics turns out to be something more than simple interactions across individuals/entities, it turns into what has been labelled the bicycle postulate made of two components, coordination and change. Granted the ''Complex evolving system approach'',...

In this work we develop an agent-based model where hysteresis in major macroeconomic variables (e.g. GDP, productivity, unemployment) emerges out of the decentralized interactions of heterogeneous firms and workers. Building upon the model in Dosi et al. (2016, 2017), we specify an endogenous...

In this work we discuss the research findings from the labour-augmented Schumpeter meeting Keynes (K S) agent-based model. It comprises comparative dynamics experiments on an artificial economy populated by heterogeneous, interacting agents, as workers, firms, banks and the government. The...

Evolutionary theories of economic change identify the processes of idiosyncratic learning by individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to robustly account for the statistical regularities which industrial structures...

This chapter presents an application of the multi-sector labour augmented K+S agent-based model to two contemporary challenges in political economy, namely declining unionization and rising inequality, with reference to mid-term evidence in the US. What has been the effect of declining...

This paper presents an agent-based model (ABM) of endogenous arrival of technological paradigms and new sectors entailing different patterns of labour creation and destruction, as well as of consumption dynamics. The model, building on the labour-augmented K+S ABM, addresses the long-term...

Firms grow and decline by relatively lumpy jumps which cannot be accounted by the cumulation of small, "atom-less", independent shocks. Rather "big" episodes of expansion and contraction are relatively frequent. More technically, this is revealed by fat tail distributions of growth rates. This...

Evolutionary theories of economic change identify the processes of idiosyncratic learning by individual firms and of market selection as the two main drivers of the dynamics of industries. Are such processes able to account for the statistical regularities which industrial structures and...

This paper is meant to analyse the effects of labour market structural reforms by means of an agent-based model. Building on Dosi et al. (2016b) we introduce a policy regime change characterized by a set of structural reforms on the labour market, keeping constant the structure of the capital-...