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Computational economics uses computer-based economic modeling to solve analytically and statistically formulated economic problems. A research program, to that end, is agent-based computational economics (ACE), the computational study of economic processes, including whole economies, as dynamic systems of interacting agents. [4]
Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships. Environmental statistics is the application of statistical methods to environmental science. Weather, climate, air and water quality are included, as are studies of plant and animal populations.
Agent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in the paradigm of complex adaptive systems . [ 1 ]
Business informatics centers around creating programming and equipment frameworks which ultimately provide the organization with effective operation based on information technology application. [1] The focus on programming and equipment boosts the value of the analysis of economics and information technology.
A proposal for a "New Socialism" was outlined by the computer scientists Paul Cockshott and Allin Cottrell in 1995 (Towards a New Socialism), where computers determine and manage the flows and allocation of resources among socially owned enterprises. [9]
Debunking the Myths of Computable General Equilibrium Models (PDF). Working Paper 2008-01. Schwartz Center for Economic Policy Analysis (SCEPA) and Department of Economics, The New School. Reinert, Kenneth A., and Joseph F. Francois, eds. Applied Methods for Trade Policy Analysis: A Handbook. Cambridge University Press, 1997. ISBN 9780521589970
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In the computer application of modeling and simulation a computer is used to build a mathematical model which contains key parameters of the physical model. The mathematical model represents the physical model in virtual form, and conditions are applied that set up the experiment of interest.