Saturday, 17 October 2009
GEMPACK for computer modeling of General Economic Models
Melbourne's Monash University's GEMPACK allows you to simulate general equilibrium models on your computer. These models will all be variants based on General Equilibrium theory, a branch of neo-classical economics, that explains prices when an economy is in equilibrium (everyone is happy, no-one wants to trade and supply is equal to demand). A good book on modeling the economy as a multi-agent system has been written by Paul Samuelson of MIT.
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