ABSTRACT
This chapter approaches stylised facts about the labour market are conceived as emergent properties of the auto-organisation of a complex system. In a complex system, heterogeneous micro units provided with limited information and bounded rationality interact locally on different markets and react to the stimuli coming from the environment that they have contributed to create, in a continuous process of adaptation and discovery. labour market dynamics is one of general disequilibrium, where agents interacting on three interconnected markets for labour, consumption goods and credit can fail to coordinate because of persistent uncertainty. The labour market design to choose is consistent with the findings reported by numerous surveys of firms wage-setting policies. The agent-based approach, computational models are built that try to mimic the functioning of one market in isolation, or of an entire multi-market economy, by simulating the autonomous and decentralised behaviour of microeconomic units.
