The inclusion of technological progress appears to us to be a highly interesting avenue for further exploration. The difficulty is deciding how to choose new coefficients and when a new process is added. Clearly new processes arise evolutionarily, with the new processes modeled on the old. The new coefficients will be varied randomly about the old values according to some kind of central distribution. Recent results from Ecolab indicate that the emergent dynamics of the system is rather insensitive to the specific type of mutation algorithm chosen.
Work is currently under way to classify exactly what effects different assumptions make.
However, it can also be pointed out that large changes of process are likely to cost proportionally more than smaller changes. The dynamical equations are relative easy to implement. 6 Conclusion Econolab is a well defined economics model that will provide a first step toward understanding how economies evolve. References 1 K. Arrow. The economic implications of learning by doing.