Abstract
The essence of this model is that the agents have certain reaction functions that enable them to effectively pursue their pre-defined goals. The agents achieve these goals through action and through interaction with other agents. In their actions, agents create and respond to markets. And while no agent is able to upturn an entire market each action nonetheless has an effect on the structure of that market.
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© 2015 Springer Fachmedien Wiesbaden
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Hagedorn, H. (2015). The functioning of the model. In: A model of Austrian economics. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-07077-9_6
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DOI: https://doi.org/10.1007/978-3-658-07077-9_6
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Publisher Name: Springer Gabler, Wiesbaden
Print ISBN: 978-3-658-07076-2
Online ISBN: 978-3-658-07077-9
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