Capital; an experiment
As part of a research and teaching project at the Autonomous University of Barcelona, we conducted three simulations of pure capitalism with the participation of 210 students as economic agents over a total of 49 sessions.
The main objective was to compare the behavior of the system with the Von Neumann economic model, which includes, as particular cases, Leontief's input-output analysis and the Sraffa equations, as well as with their generalization: Maximum Benefit in the Long-term Perspective. These theories can be interpreted as particular cases of General Equilibrium Theory, but also as alternative theories.
At the same time, the simulations allowed students to practically apply and assimilate fundamental economic concepts.
Paper
Although the research is ongoing, two papers have been presented:
Capital; an experiment, 10th Conference on Input-Output Analysis, https://io10.shaio.es , September 2024, with 18 co-authors.
Simulating pure capitalism: experimental evidence with human agents, 32nd International Input-Output Association Conference, https://www.iioa.org/conferences/32nd , June 2026, with 25 co-authors.
The second paper (in PDF or without a reader) and a summary are available. This is a provisonal text, a development of the 2024 paper, and a more comprehensive version will be published.
Preliminary Results
To facilitate the study and understanding of the data, are available a video containing an exposition of preliminary results with the comparison of the simulations with theory aimed at participants in the third simulation in June 2025.
Data and Theory
Theories and data obtained in simulations can be consulted.
Learning economics
Simulation has proven excellent in teaching economics.
Tools
Tools and software for carrying out the simulation are available.