The chapter examines the characteristics of interaction-based models in economics and demonstrates that these models can be an important part of the future research in economics and finance. The economy is considered a complex system which consists of a large number of interacting units who are represented as software bits of data and act upon the specified rules of conduct. The multidisciplinary nature of the agent-based approach makes it highly applicable to examine heterogeneity, interaction, evolution, uncertainty and the agents’ cognitive limitations which are central to economics and finance. After a thorough literature review some interaction-based applications are run.