The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in… - Paul Ormerod

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The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.

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About Paul Ormerod

Paul Ormerod (born in 1969) is a British economist who is researching complexity, complex systems, nonlinear feedback, the boom and bust cycle of business and economic competition. Ormerod uses a multidisciplinary approach, making use of biology, physics, mathematics, statistics and psychology as sources of results that can be applied to economics.

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Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the United States, manifested in the acute problems evident in the inner cities and the level of violent crime, for example, leaves much to be desired.

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