Agent-based Computational Economics (ACE) is the computational study of economic processesmodeled as dynamic systems of interacting agents. This essay discusses the potentialuse of ACE modeling tools for the study of macroeconomic systems. Points are illustratedusing an ACE model of a two-sector...

The models used in economic theory, though necessarily abstract,should be consistent with the nature of decision making behavior. Aformal metaphor of individual behavior as a continuous flow indicatescertain requirements that theories of consumer, producer, and economywidebehavior should...