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The Relevance of Computation Irreducibility as Computation Universality in Economics

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  • K. Vela Velupillai
Abstract
Stephen Wolfram’s A New Kind of Science should have made a greater impact in economics - at least in its theorising and computational modes – than it seems to have. There are those who subscribe to varieties of agent-based modelling, who do refer to Wolfram’s paradigms - a word I use with the utmost trepidation -- whenever simulational exercises within a framework of cellular automata is invoked to make claims on complexity, emergence, holism, reduction and many such buzz words. Very few of these exercises, and their practitioners, seem to be aware of the deep mathematical -- and even metamathematical-- underpinnings of Wolfram’s innovative concepts, particularly of computational equivalence and computational irreducibility in the works of Turing and Ulam. Some threads of these foundational underpinnings are woven together to form a possible tapestry for economic theorising and modelling in computable modes.

Suggested Citation

  • K. Vela Velupillai, 2012. "The Relevance of Computation Irreducibility as Computation Universality in Economics," ASSRU Discussion Papers 1212, ASSRU - Algorithmic Social Science Research Unit.
    • Handle: RePEc:trn:utwpas:1212
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    References listed on IDEAS

    as
    1. K. Vela Velupillai, 2005. "The impossibility of an effective theory of policy in a complex economy," Department of Economics Working Papers 0514, Department of Economics, University of Trento, Italia.
    2. Kumaraswamy Velupillai, "undated". "The Computable Approach to Economics," Working Papers _005, University of California at Los Angeles, Center for Computable Economics.
    3. repec:trn:utwpas:1211 is not listed on IDEAS
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    Keywords

    Computational equivalence; Computational irreducibility; Computation universality.;
    All these keywords.

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