Non-Equilibrium Social Science (a new EU network project)

from Bruce Edmonds

An EU Coordinated action project called “Non-Equilibrium Social Science” (NESS) has now started.

The aim of NESS is to ensure that the social sciences are put on a proper footing for the 21st century. A key focus of the group is economics, where the equilibrium approach (though dominant) struggles to capture the economic realities we observe in the world today. But we are interested in all the social sciences.

Economics and the arrow of time

from Bruce Edmonds

The question of the importance of the “arrow of time” has come up in the “Unpicking the anti-neo-classical” thread here. It really deserves a seperate thread so I am “restarting” the discussion. It was raised as an argument as to why physics and economics are different, that the arrow of time was inherent in economic phenomena but not physical.

Unpicking the anti-neo-classical “hairball”, so that what we are for is not defined by what we are against

from Bruce Edmonds

Neo-classical economics (NCE) defines the view of the contributors to this blog/discussion!

It does so by defining what people are against.  NCE has dominated economics for such a period and with such intolerance that it has polarised the debate to such a degree that the only significant fact about individuals’ viewpoints is which of the two broad camps do they belong.  Thus two undifferentiated clusters of approaches have developed – what I call the Neo-Classical and Hetrodox “Hairballs“.  These Hairballs are summarised in the following table. 

Call for Papers: a planned special issue/section of “Real World Economics Review”

from Bruce Edmonds

Call for contributions on the Social Complexity of Informal Value Exchange: A special issue or section of an issue of “Real World Economics Review“

Whilst traditionally Economics focuses on markets where the mechanisms of price and economic rationality might dominate, we call for contributions that consider a wider class of social phenomena. 

If you are in Lisbon/at ECCS 2010 16th next week…

…at the end of the day at the SCIVE workshop we will be discussing next steps we might take together to further the broader simulation modelling of a broad class of social phenomena which include exchange. This might include EU/ESF grant applications or other networking activities. All welcome. (IF you cant be there but are interested, email us – addresses at link below).

Event details from http://cfpm.org/scive/

5 suggested common themes for an Economics that takes its subject matter seriously

from Bruce Edmonds

This is another contribution under the theme of Geoff Davies’ essay “The Nature of the Beast”, which considers the question of how do we build a narrative linking the various heterodoxies.  5 possible uniting themes are suggested.

1.  Economic phenomena are social phenomena

Economics involve all sorts of intelligent, social and adaptive behaviour including: social norms, fashions, identity, context-dependency, trust, friendship etc.  Economic exchange can involve all these things, is embedded in our social and cultural life and can often only be fully understood in its social context.  The deliberate exclusion of “non economically rational” elements of sociology and psychology is simply not supported by evidence.  Economic phenomena is just that part of social phenomena which involves the exchange or transfer of items of value.  Social behaviour undoubtably came before economic behaviour in the development of humankind, it is the more fundamental category.   

In the Economist: Conventional economic models failed to foresee the financial crisis. Could agent-based modelling do better?

from Bruce Edmonds

Agents of change
Conventional economic models failed to foresee the financial crisis. Could agent-based modelling do better?

Jul 22nd 2010
http://economist.com/node/16636121

Social Complexity of Informal Value Exchange

from Bruce Edmonds

Informal value transfer and credit networks involve people or institutions providing credit or value transfer services based on social trust rather than laws and contracts. Such networks constitute a complex system that have been relatively unstudied yet have a significant impact on people’s lives.  Examples range from small baby-sitting circles up to the Hawala/Hundi systems of value transfer. Such exchange often involves many social processes and mechanisms other than those usually considered by economists, including: social norms, altruism, reputation, trust, group membership, friendship, kinship, identity, status etc.

A group of academics who aim to use empirical case-studies and agent-based simulation are forming to study these systems.  It will initially organise workshops and aim to apply for network/project funding later.

Its first event is a workshop: “SCIVE 2010” to be held at the European Conference on Complex Systems in September 2010 in Lisbon.  Details at:  http://cfpm.org/scive

If you want to join this effort, or merely be kept in touch with its activities, please email me, Bruce Edmonds on Bruce@edmonds.name