This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...

These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...

Michael Heinrich’s recent Monthly Review article claims that the law of the tendential fall in the rate of profit (LTFRP) was not proved by Marx and cannot be proved. Heinrich also argues that Marx had doubts about the law and that, for this and other reasons, his theory of capitalist economic...

The article attempts to justify an alternative to conventional methodology of economics, as well as make a corresponding revision of the history of this discipline. Historical analysis is based in particular on the autobiographies and biographies of key personages in the history of the...

One had to know the rules governing diverse actors’ behaviour on the USA housing market to recognize the enlarging bubble and foresee an inevitable crash. Apart from the market actors, the researchers being in direct contacts with these actors (for example, conducting in-depth interviews)...

Continuamente se critica a la ciencia económica en base a que sus modelos son descripciones inexactas de una realidad inabarcable y que, por tanto, carecen de un valor real. En este artículo intento dar una descripción propia de qué son los modelos económicos y por qué son tan valiosos, no...

Niniejszy tekst poświęcono koncepcji wartości publicznej (public value), która, sądząc po bardzo małej liczbie publikacji w krajowej literaturze, jest ideą słabo znaną w Polsce. Tymczasem w świecie, głównie w Stanach Zjednoczonych Ameryki, Wielkiej Brytanii, Australii i Nowej...

The Western Balkans integration within the EU has started a legal process which is the rejection of former communist legal/political approaches and the transformation of former communist institutions. Indeed, the EU agenda has brought vertical/horizontal integration and Europeanization of...

The profession of economics does not fulfill its social function to provide people a correct understanding of economic phenomena. In other words, the institution of economics does not work properly. George Soros makes this conclusion in his lectures at the Central European University (Soros,...

For those who knew the behavioural rules of various participants in the U.S. housing market, it was quite easy to recognize the swelling bubble in this market and predict that it will inevitably burst. And the only ones who could know these rules, except those who directly apply them in...