Abstract

Agent-based computational economics is relatively a new methodology in economics. It is defined as ‘the computational modeling of economic processes (including whole economies) as open-ended dynamic systems of interacting agents’. Contrary to fundamental assumptions of neoclassical and mainstream approaches, agent-based computational economics assumes that (a) agents are heterogeneous and bounded rational decision makers in an economy, (b) an economy is a non-linear, complex and adaptive system. Moreover, these assumptions seem to hold true for Post Keynesian economics to a large extent. Given that, this study attempts to bring out similarities and potential links between these two economic thoughts.

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