Complex systems dynamics in an economic model with mean field interactions

Abstract

In this paper we built and simulate a model where the economy is viewed as a complex system. Our economy is composed of a high number of different agents that are interacting in an indirect (mean field) way, but not through a coordination device. The resulting macroeconomic dynamics can be defined as complex because they change attractor in time without no relevant change in the parameter values (we can also say that the degree of self-organization observed in our system changes with time). One of these attractors is a limit cycle and consequently our work can be viewed as a contribution to the endogenous business cycle theory. © 2009 Springer-Verlag Berlin Heidelberg.