Title: Algorithmic economics as an economics of thought

Authors: Bin Li

Addresses: University of North Carolina, 406 New East Building, Chapel Hill, NC 27514, USA

Abstract: Computer science indicates that thinking means the processes in which a finite number of innate 'instructions' act serially, alternately, and selectively on data. This implies a roundabout method of production of thought, which consumes time and resources, and which requires and produces knowledge stocks. Optimising the computing economy and decision-making timeliness, computations must frequently adopt various methods other than deductive reasoning, thus leading to a subjective turn and the occurrence of innovations. The combinational explosion between instructions and data underscores that the socio-economic world is a one-way and explosive evolution (not too dissimilar) to the Big Bang, which begets the synthesis or unification of economics.

Keywords: bounded rationality; instruction; algorithm; combinatorial explosion; subjectivity; mental distortion.

DOI: 10.1504/IJPEE.2022.127214

International Journal of Pluralism and Economics Education, 2022 Vol.13 No.2, pp.176 - 191

Accepted: 02 Jan 2022
Published online: 29 Nov 2022 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article