Government expenditure on education as a percentage of GDP is the measure often employed to gauge the quantity of public resources devoted for the purpose. However a better measure is per student expenditure, for two reasons. First, it does not require an arbitrary base like the GDP. Second, due...

The paper tries to capture the research and understanding along with innovations and policy reforms in assuring quality school education to all, with a particular focus on the poor. The scope is global but the problems and innovations in India get more weight in the document. It begins with...

Standard modeling procedures treat the behavior of economic variables using stochastic-determinate equations. Two alternatives to this approach arose in the last quarter of the twentieth century: deterministic nonlinear equation models and agent-based models. The class of deterministic nonlinear...

The traditional mechanism of finding Nash equilibria presumes that economic actors are capable of performing computations which even computers would take far too long to perform. A decentralized and parallel process of interactions between simple economic actors is presented as a more plausible...

This paper studies the problem of accumulating heterogeneous capital goods in an economy with imperfect markets populated by boundedly rational agents. It relaxes classical assumptions about information and cognition. The agents are not capable of computing an equilibrium path to steady state....

Austrian macroeconomists of the interwar period saw the economy as a complex adaptive system, in which macroeconomic variables emerge from the interaction between millions of purposefully acting agents. Recent advances in computation technology allow us to build empirically salient synthetic...

We study a simple coordination problem to understand the difference between centralized and decentralized economic systems. The decentralized system is more robust than the centralized system to communication errors. But the centralized system takes less time than the decentralized system to...

This paper develops an agent-based computational model to study the role of knowledge in shaping the institutional type and the internal organization of the institution through which economic activities are coordinated. The market and the firm are different institutions for coordinating economic...

In Capital in the Twenty-First Century, Piketty argues that capitalism can generate arbitrary and unsustainable levels of inequality. He proposes a host of measures to alter the institutions of capitalism to create a more just social order. Piketty's analytical framework however assumes away the...

Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular products, macro theories work with equilibrium applied to aggregates of products. This common approach treats the...