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Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper is a discussion of the creation of agent-based models from the exclusive perspective of monetary phenomena. These correspond to Schumpeter's monetary analysis in its ideal version. A set of general principles formalizes a population of agents interacting in a decentralized way on the sole basis of monetary phenomena. We make use of these principles, and the subsequent agent-based model is a dynamic, non-deterministic system, whose numerical simulations are able to mimic stylized facts in macroeconomics. Further extensions of the model make possible the expansion its descriptive power, and its use in economic research. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology used to understand the economy as a whole. Criticism has been levelled at the assumptions employed in the dominant models, particularly that economic agents are homogeneous and optimising and that the economy is equilibrating. This paper seeks to explore an interdisciplinary approach to macroeconomic modelling, with techniques drawn from other (natural and social) sciences. Specifically, it discusses agent-based modelling, which is used across a wide range of disciplines, as an example of such a technique. Agent-based models are complementary to existing approaches and are suited to answering macroeconomic questions where complexity, heterogeneity, networks, and heuristics play an important role. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Se presenta una serie de resúmenes en inglés y español para los artículos en este número, incluyendo uno sobre los modelos teoréticos económicos, uno sobre la filosofía económica del neoclasicismo y uno sobre la integración vertical.

Polarization seems to be a more accurate concept for the explanation of the emergence of social conflicts than that of inequality. This paper succinctly presents both concepts and summarizes the theory and index of economic polarization developed by Esteban and Ray within its identification-alienation framework and some of its extensions such as the group and explained polarization. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Recently a new approach to political economy has been consolidated. The political analysis of transaction costs is an attempt to solve some of the problems which arise in economic theories of public policy. This paper deals with the notions of transaction costs, institutional efficiency, governance structures and commitment value; and defines political interchange as political contracts. Political transactions have high transaction costs and the efficiency of the "political market" requires a democratic system with institutions that favour reasoned decisions and prevents democratic delegation from becoming abdication. This article surveys literature with a transaction cost perspective and shows that it has been very useful for the theoretical explanation of the role of political agents and the evolution of rules that guide their interaction. The main challenge is to provide empirical evidence to the theoretical proposals. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo discurre sobre el estado actual de las simulaciones y modelos informáticos para el análisis económico. El autor comenta sobre la relación entre las ciencias sociales y la economía, y describe el estudio de las expectativas económicas. También se consideran las aplicaciones micro y macroeconómicas de este análisis.

El artículo discurre sobre los diferentes modelos económicos, con un enfoque en la economía heterodoxa y la economía política. El autor comenta sobre el rol del pensamiento pluralista en las ciencias económicas. También se considera la historia de la filosofía económica desde el siglo 18.

El artículo discurre sobre el modelo de negocios conocido como integración vertical así como contratos gerenciales. El autor comenta sobre la competencia a la Bertrand, un sistema donde empresas compiten en las ventas y los precios del producto. También se considera la utilización de la teoría del equilibrio de Nash.

El artículo discurre sobre el uso de modelos teóricos en las finanzas y en la economía. El autor comenta sobre los beneficios así como las características peligrosas de utilizar estos modelos. También se considera la relación entre la filosofía económica y la política y se describen las implicaciones de la aplicación de modelos económicos en el mundo real.

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)