Economic Foundations For Social Complexity Science
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Economic Foundations For Social Complexity Science
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Author : Yuji Aruka
language : en
Publisher: Springer
Release Date : 2017-09-25
Economic Foundations For Social Complexity Science written by Yuji Aruka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-25 with Business & Economics categories.
This book focuses on how important massive information is and how sensitive outcomes are to information. In this century humans now are coming up against the massive utilization of information in various contexts. The advent of super intelligence is drastically accelerating the evolution of the socio-economic system. Our traditional analytic approach must therefore be radically reformed in order to adapt to an information-sensitive framework, which means giving up myopic purification and the elimination of all considerations of massive information. In this book, authors who have shared and exchanged their ideas over the last 20 years, offer thorough examinations of the theoretical–ontological basis of complex economic interaction, econophysics, and agent-based modeling during the last several decades. This book thus provides the indispensable philosophical-scientific foundations for this new approach, and then moves on to empirical–epistemological studies concerning changes in sentiments and other movements in financial markets.
Foundations Of Complex System Theories
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Author : Sunny Y. Auyang
language : en
Publisher: Cambridge University Press
Release Date : 1998
Foundations Of Complex System Theories written by Sunny Y. Auyang and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Analyzes approaches to the study of complexity in the physical, biological, and social sciences.
Foundations And Applications Of Complexity Economics
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Author : J. Barkley Rosser, Jr.
language : en
Publisher: Springer Nature
Release Date : 2021-05-21
Foundations And Applications Of Complexity Economics written by J. Barkley Rosser, Jr. and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.
This book presents a survey of the aspects of economic complexity, with a focus on foundational, interdisciplinary ideas. The long-awaited follow up to his 2011 volume Complex Evolutionary Dynamics in Urban-Regional and Ecologic-Economic Systems: From Catastrophe to Chaos and Beyond, this volume draws together the threads of Rosser’s earlier work on complexity theory and its wide applications in economics and an expanded list of related disciplines. The book begins with a full account of the broader categories of complexity in economics--dynamic, computational, hierarchical, and structural--before shifting to more detailed analysis. The next two chapters address problems associated with computational complexity, especially those of computability, and discuss the Godel Incompleteness Theorem with a focus on reflexivity. The middle chapters discuss the relationship between entropy, econophysics, evolution, and economic complexity, respectively, with applications in urban and regional dynamics, ecological economics, general equilibrium theory, as well as financial market dynamics. The final chapter works to bring together these themes into a broader framework and expose some of the limits concerning analysis of deeper foundational issues. With applications in all disciplines characterized by interconnected nonlinear adaptive systems, this book is appropriate for graduate students, professors and practitioners in economics and related disciplines such as regional science, mathematics, physics, biology, environmental sciences, philosophy, and psychology.
Microfoundations Of Evolutionary Economics
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Author : Yoshinori Shiozawa
language : en
Publisher: Springer
Release Date : 2019-06-27
Microfoundations Of Evolutionary Economics written by Yoshinori Shiozawa and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-27 with Business & Economics categories.
This book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place. Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true “miracle” of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics.
Evolutionary Foundations Of Economic Science
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Author : Yuji Aruka
language : en
Publisher: Springer
Release Date : 2014-10-04
Evolutionary Foundations Of Economic Science written by Yuji Aruka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-04 with Business & Economics categories.
This book aims to discern and distinguish the essential features of basic economic theories and compare them with new theories that have arisen in recent years. The book focuses on seminal economic ideas and theories developed mainly in the 1930s to 1950s because their emergence eventually led to new branches of economics. The book describes an alternative analytical framework spreading through the interdisciplinary fields of socioeconophysics and sociodynamics. The focus is on a set of branching or critical points that separate what has gone before from what has followed. W. Brian Arthur used the term “redomaining” when he referred to technological innovation. In the present volume the author aims to re domain economic theories suited for a new social order. Major technological innovations accompany not only changes in the economy and the market but changes in their meaning as well. In particular, the evolution of trading technology has changed the meaning of the “invisible hand.” At the end of the last century, the advent of socioeconophysics became a decisive factor in the emergence of a new economic science. This emergence has coincided with changes in the implications of the economy and the market, which consequently require a redomaining of economic science. In this new enterprise, the joint efforts of many scientists outside traditional economics have brought brilliant achievements such as power law distribution and network analysis, among others. However, the more diverse the backgrounds of economic scientists, the less integrated the common views among them may be, resulting in a sometimes perplexing potpourri of economic terminology. This book helps to mitigate those differences, shedding light on current alternative economic theories and how they have evolved.
Foundations Of Economic Evolution
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Author : Carsten Herrmann-Pillath
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-01-01
Foundations Of Economic Evolution written by Carsten Herrmann-Pillath and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Business & Economics categories.
ÔThis book is an ambitious intellectual enterprise to build a naturalistic foundation for economics, with amazingly vast knowledge of physical, biological, social sciences and philosophy. Readers will discover that approaches and insights emergent in institutional studies, (social)-neuroscience, network theory, ecological economics, bio-culture dualistic evolution, etc. are persuasively placed in a grand unified frame. It is written in a good Hayekian tradition. I recommend this book particularly to young readers who aspire to go beyond a narrowly specified discipline in the age of expanding communicability of knowledge and ideas.Õ Ð Masahiko Aoki, Stanford University, US ÔCarsten Herrmann-PillathÕs new book is an in-depth application of natural philosophy to economics that draws up an entirely new framework for economic analysis. It offers path-breaking insights on the interactions between human economic activity and nature and outlines a convincing solution to the long-standing reductionism controversy. A must-read for everyone interested in the philosophical underpinnings of economics as a science.Õ Ð Ulrich Witt, Max Planck Institute of Economics, Jena, Germany ÔÒBig pictureÓ philosophy of economics drifted into a dull cul-de-sac as it became obsessively focused on falsifiability and rationality. In this book Carsten Herrmann-Pilath pushes the field back onto the open highway by locating economics in the larger frameworks of metaphysics, evolutionary dynamics and information theory. This is large-scale, ambitious synthesis of ideas of the kind we expect from time to time to see devoted to physics and biology. Why should economics merit anything less? But of course this kind of intellectual tapestry must await the appearance of an unusually devoted scholar with special patience and eccentric independence from the pressure for quick returns that characterizes academic life. In the person of Hermann-Pilath this scholar has appeared. No one who wants to examine economics whole and in its richest context should miss his virtuoso performance in this book.Õ Ð Don Ross, University of Cape Town, South Africa and Georgia State University, US ÔHerrmann-PillathÕs work attempts to bring to bear upon the discipline of economics perspectives from other discourses which have been burgeoning recently Ð namely, thermodynamics, evolutionary biology, and semiotics, aiming at a consilience contextualized by economic activity and problems. This marks the work as a contemporary example of natural philosophy, which is now at the doorstep of a revival. The overall perspective is that human economic activity is an aspect of the ecology of the earthÕs surface, viewing it as an evolving physical system mediated through distributed mentality as expressed in technology evolution. Knowledge is taken to be ÔphysicalÕ with a performative function, as in PeirceÕs pragmaticism. Thus, the social meanings of expectations, prices, and credit are found to be rooted in energy flows. The work draws its foundation from Hegel and C.S. Peirce and its immediate guidance from Hayek, Veblen and Georescu-Roegen. The author generates an energetic theory of economic growth, guided by OdumÕs maximum power principle. Economic discourse itself is reworked in the final chapter, in light of the examinations of the previous chapters, naturalizing economics within an extremely powerful contemporary framework.Õ Ð Stanley N. Salthe, Binghamton University, US ÔAn Oscar-winning performance in the Òtheatre of consilience.Ó ItÕs hard to know which to praise first: Carsten Herrmann-PillathÕs humility or his ambition. He says his book Òis not a great intellectual featÓ because he pursues the Òhumble taskÓ of putting together Òthe ideas of others.Ó When he finally gets to economics he tries to Òbe as simple as possibleÓ and to conceive of economics in terms of the basics, at Òundergraduate level, so to say.Ó On the other hand, the scale of his ambition is to rethink the foundations of economics from first principles, while, at the same time, holding a running dialogue between contemporary sciences and classic philosophy. HeÕs much too modest, of course, because Foundations is a major achievement, but his modesty points to what makes it such a powerful treatise: the book is not about his preferences or prejudices; it is a Òscientific approach that aims at establishing truthful propositions about reality.Ó That is much harder to achieve than grand theories or Òcomplicated mathematics,Ó because it amounts to a new modern synthesis of the field Ð an achievement on a par with Julian HuxleyÕs, whose own modern synthesis of evolutionary theories in the 1940s allowed for the explosive growth of the biosciences over the next decades. The structure of the book is simple enough, providing a framework for the Ònaturalistic turnÓ in economics. Starting from material existence, causation and evolution, Herrmann-Pillath takes us through four fundamental concepts Ð individuals, networks, institutions and technology Ð before coming finally to the Òrealm of economics proper,Ó i.e. markets. However, Herrmann-Pillath believes that the Òfoundations of economics cannot be found within economicsÓ but only in dialogue with other sciences, or what he calls the Òtheatre of consilience.Ó ItÕs a theatre in which various characters come and go, where dialogue ebbs and flows, conflicts arise and are resolved, and where individual actions can be seen as concepts as, leading to higher levels of meaning as the plot unfolds. The magic of theatre, of course, is that the point of intelligibility, where the characters, actions and narrative resolve into meaningfulness, is projected out of the drama itself, into the spectator. ThatÕs you, dear reader. So it is with economics as a discipline. Economics is a player in a much larger performance about what constitutes knowledge, and how we know that. It is also a player in the economy it seeks to explain. To understand why money, firms, growth, prices, markets and other staples of economic thought emerge and function the way they do, it is necessary situate the analysis beyond economics (and the economy), and to engage with developments across the human, evolutionary and complexity sciences. This is what Herrmann-Pillath does, analyzing a breathtaking range of illuminating and sometimes challenging work along the way. We are treated to new ideas about the externalized brain, the evolution of knowledge in the Earth System (i.e. not just among humans), the role of signs and performativity in these processes, as well as that of Òenergetic transformations.Ó But Herrmann-Pillath is not satisfied with the ÒmodestÓ task of bringing the best of modern scientific thought to bear on economic concepts and performances; he really does harbor a deeper purpose. The clue is in his apparently quixotic desire to hang on to philosophical insights associated with pre-evolutionary thinkers like Aristotle and Hegel, and his apparently eccentric desire to place the semiotic philosophy of C.S. Pierce at center stage. But the patient observer will see that he is not seeking to change the facts by imposing idealist notions on them after the event. Instead, he is arguing for a change in the way we perform ourselves in the face of these facts. He is looking for a modern-day equivalent of Confucius or Socrates: one who can imagine values and beliefs that Òdefine the human species in a new way.Ó For those who have eyes to see, as the drama unfolds, it may be that we have found such a figure in Carsten Herrmann-Pillath himself, modesty, ambition and all. This is ÒCultural ScienceÓ as it should be done.Õ Ð John Hartley, Curtin University, Australia and Cardiff University, UK
Alternative Approaches To Economic Theory
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Author : Victor A. Beker
language : en
Publisher: Routledge
Release Date : 2019-06-11
Alternative Approaches To Economic Theory written by Victor A. Beker and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-11 with Business & Economics categories.
The 2007–2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline. This volume brings together contributions from different perspectives and theoretical approaches that address the challenge of updating the economic theory corpus and seek to recover prestige for this discipline after the failure of neoclassical economics. It addresses a range of topics, including the complexity approach to economics, category theory, the Post-Keynesian approach to micro and macroeconomics, financialisation, multidimensional analysis and ecological economics. The book is aimed at economics scholars, researchers, academics and practitioners, as well as upper undergraduates and graduates in this area of knowledge. It may also be of interest for people interested in methodological issues in economics and the relationship between economic theory and the real world.
Non Equilibrium Social Science And Policy
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Author : Jeffrey Johnson
language : en
Publisher: Springer
Release Date : 2017-01-20
Non Equilibrium Social Science And Policy written by Jeffrey Johnson and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-20 with Science categories.
The overall aim of this book, an outcome of the European FP7 FET Open NESS project, is to contribute to the ongoing effort to put the quantitative social sciences on a proper footing for the 21st century. A key focus is economics, and its implications on policy making, where the still dominant traditional approach increasingly struggles to capture the economic realities we observe in the world today - with vested interests getting too often in the way of real advances. Insights into behavioral economics and modern computing techniques have made possible both the integration of larger information sets and the exploration of disequilibrium behavior. The domain-based chapters of this work illustrate how economic theory is the only branch of social sciences which still holds to its old paradigm of an equilibrium science - an assumption that has already been relaxed in all related fields of research in the light of recent advances in complex and dynamical systems theory and related data mining. The other chapters give various takes on policy and decision making in this context. Written in nontechnical style throughout, with a mix of tutorial and essay-like contributions, this book will benefit all researchers, scientists, professionals and practitioners interested in learning about the 'thinking in complexity' to understand how socio-economic systems really work.
Complexity Heterogeneity And The Methods Of Statistical Physics In Economics
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Author : Hideaki Aoyama
language : en
Publisher: Springer Nature
Release Date : 2020-08-05
Complexity Heterogeneity And The Methods Of Statistical Physics In Economics written by Hideaki Aoyama and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-05 with Business & Economics categories.
This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics. The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, however, his contributions were focused on the new developments of a novel algorithm for the time series model and their applications to economic data. Those contributions were undoubtedly equivalent to the Nobel Prize-winning work of Granger's "co-integration method". After the publications of his New Approaches to Macroeconomic Modeling and Modeling Aggregate Behavior and Fluctuations in Economics, both published by Cambridge University Press, in 1996 and 2002, respectively, his contributions rapidly became known and spread throughout the field. In short, these new works challenged econophysicists to develop evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects and revolutionized the stochastic views of interacting agents. In particular, the publication of Reconstructing Macroeconomics, also by Cambridge University Press (2007), in cooperation with Hiroshi Yoshikawa, further sharpened the process of embodying “a perspective from statistical physics and combinatorial stochastic processes” in economic modeling. Interestingly, almost concurrently with Prof. Aoki’s newest development, similar approaches were appearing. Thus, those who were working in the same context around the world at that time came together, exchanging their results during the past decade. In memory of Prof. Aoki, this book has been planned by authors who followed him to present the most advanced outcomes of his heritage.
The Sage Handbook Of Complexity And Management
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Author : Peter Allen
language : en
Publisher: SAGE
Release Date : 2011-03-18
The Sage Handbook Of Complexity And Management written by Peter Allen and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-18 with Business & Economics categories.
The SAGE Handbook of Complexity and Management is the first substantive scholarly work to provide a map of the state of art research in the growing field emerging at the intersection of complexity science and management studies. Edited and written by internationally respected scholars from management and related disciplines, the Handbook will be the definitive reference source for understanding the implications of complexity science for management research and practice. Part One: Foundations introduces complexity science and its implications for the foundations of scientific knowledge, including management knowledge. Part Two: Applications presents the numerous ways in which complexity science models and tools, as well as complexity thinking, are being applied to management and organizational phenomena and the insights gained as a result. Part Three: Interfaces highlights how complexity science is transforming various non-management fields and, in so doing, creating exciting interfaces for bridging between management and related disciplines.