The article presents a new computer simulation called Agent Island, which models a complex economic system with various components like households, businesses, banks, and a central bank. The simulation aims to show how individual actions of thousands of agents can lead to larger economic phenomena like business cycles and monetary policies. Unlike other models, Agent Island focuses on interactions between different agents rather than using a representative agent. The researchers found that by simulating these interactions, they could observe realistic economic behaviors such as the Phillips curve and the Keynesian paradox of thrift.