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We have used agent-based modeling as our numerical method to artificiallysimulate a dynamic real economy where agents are rational maximizers of anobjective function of Cobb-Douglas type. The economy is characterised byheterogeneous agents, acting out of local or imperfect information,monopolistic competition, perfect product differentiation, allowance forincreasing returns to scale technology and trade in disequilibrium. Analgorithm for economic activity in each period is devised and a general purposeopen source agent-based model is developed which allows for counterfactualinquiries, testing out treatments, analysing causality of various economicprocesses, outcomes and studying emergent properties. 10,000 simulations, with10 firms and 80 consumers are run with varying parameters and the results showthat from only a few initial conditions the economy reaches equilibrium whilein most of the other cases it remains in perpetual disequilibrium. It alsoshows that from a few initial conditions the economy reaches a disaster whereall the consumer wealth falls to zero or only a single producer remains.Furthermore, from some initial conditions, an ideal economy with high wagerate, high consumer utility and no unemployment is also reached. It was alsoobserved that starting from an equal endowment of wealth in consumers and inproducers, inequality emerged in the economy. In majority of the cases most ofthe firms(6-7) shut down because they were not profitable enough and only a fewfirms remained. Our results highlight that all these varying outcomes arepossible for a decentralized market economy with rational optimizing agents.

A Dynamic Agent Based Model of the Real Economy with Monopolistic  Competition, Perfect Product Differentiation, Heterogeneous Agents,  Increasing Returns to Scale and Trade in Disequilibrium