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Gerson Lima / Maria Alejandra Madi
Edward Fullbrook and Jamie Morgan
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Maria Alejandra Madi / Jack Reardon
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Edward Fullbrook and Jamie Morgan
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Real-World Economics Review Blog 
26 March 2016
Dear Lars Syll:
RE: “Why Game Theory Never Will Be Anything but a Footnote…” RWER Issue No. 83, March 26, 2018
For an alternate more optimistic viewpoint based on a broader (much less restrictive) conception of “game theory,” please see the recently published JEM paper cited below with abstract and preprint/talk links.
Comments welcome.
Best wishes,
Leigh Tesfatsion
ISU Research Professor
Leigh Tesfatsion, “Modeling Economic Systems as Locally-Constructive Sequential Games,” Journal of Economic Methodology, Vol. 24, Issue 4, 2017, 384-409.
Click to access EconSystemsAsLocallyConstructiveSequentialGames.LTesfatsionWP.pdf
Click to access 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.
Eli Cook’s paper, “The great marginalization: why twentieth century economists neglected inequality” is a thoughtful analysis of the manner in which an agenda-driven economics, posing to be “value free”, has acted to serve the interests of rent-seekers, monopolists and free riders – particularly during the last quarter of the 20th century.
We must trust the new century will put an end to the ills of an economics which, whilst teaching that entrepreneurial skill and hard work offer potential success to all, it has directed the net income to a favoured few at vast cost to all others. As inequality worsens, it’s beyond time to revisit the idea of David Ricardo, Adam Smith, JS Mill and Henry George that, for markets to work both efficiently and fairly, economic rents–not wages and profits–need to be taxed away.