Microfoundations Of Evolutionary Economics
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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.
Microfoundations Of Economic Growth
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Author : Gunnar Eliasson
language : en
Publisher:
Release Date : 1998
Microfoundations Of Economic Growth written by Gunnar Eliasson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Biography & Autobiography categories.
Contributors to this volume seek further understanding of the microfoundations of economic growth. The book focuses on three subjects that interested the great Austrian and Harvard economist, Joseph A. Schumpeter--innovation, technological change, and economic growth. These papers were presented at the 1996 meeting of the International Schumpeter Society.
Evolutionary Economics
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Author : David Hamilton
language : en
Publisher: Routledge
Release Date : 2017-07-05
Evolutionary Economics written by David Hamilton and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-05 with Business & Economics categories.
In reviewing this book in The Economic Journal, S.G. Checkland said that it should be read as a vigorous attempt to relate economics to general thinking and as a challenge to those who are practitioners or elaborators of narrowly prescribed techniques.
Evolutionary Economics
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Author : Esben Sloth Andersen
language : en
Publisher: Psychology Press
Release Date : 1996
Evolutionary Economics written by Esben Sloth Andersen and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
First Published in 1996. Routledge is an imprint of Taylor & Francis, an informa company.
Evolutionary Economics
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Author : Kenneth Ewart Boulding
language : en
Publisher: SAGE Publications, Incorporated
Release Date : 1981-07
Evolutionary Economics written by Kenneth Ewart Boulding and has been published by SAGE Publications, Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981-07 with Business & Economics categories.
A new model of economic life that looks at it in terms of ecological interaction and mutation is presented in Evolutionary Economics. It looks at commodities, for example, as if they were a species in the social ecosystem. Boulding describes his new model with clarity and wit, showing its roots in classical economics and exploring the prospects of an evolutionary approach for bettering human conditions.
An Evolutionary Theory Of Economic Change
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Author : Richard R. Nelson
language : en
Publisher: Harvard University Press
Release Date : 1985-10-15
An Evolutionary Theory Of Economic Change written by Richard R. Nelson and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985-10-15 with Business & Economics categories.
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Evolutionary Economics And Creative Destruction
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Author : J. Stanley Metcalfe
language : en
Publisher: Psychology Press
Release Date : 2006
Evolutionary Economics And Creative Destruction written by J. Stanley Metcalfe and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Evolutionary economics categories.
The central theme of this book is competition treated as an evolutionary process in which the focus is upon economic change and not economic equilibrium. This theme is explored by linking together differences in economic behaviour with the role of markets as co-ordinating institutions. In this picture innovation plays a central role as a primary source of differential behaviour of firms and the purpose of the book is to identify the consequences of these differences for competition and competitive advantage.
Evolutionary Economics Program And Scope
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Author : Kurt Dopfer
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Evolutionary Economics Program And Scope written by Kurt Dopfer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Evolutionary Economics: Program and Scope offers a fresh look at the paradigmatic foundations and basic theoretical propositions of economics. Twelve authors - each of them with his own distinct contribution to economics - make a step forward by reinterpreting major areas of micro and macroeconomics in line with modern evolutionary thinking. This volume offers a unified approach to economics that allows recent developments in various strands of Evolutionary Economics to be integrated and major positions of Neoclassical Economics to be reconsidered. The chapters on `Evolutionary Macro Economics' explore macro areas such as the division of labor and knowledge, technology and institutions, population thinking, meso economics, techno-economic trajectories and industrial sectors. By telescoping structure into time, they highlight the processes of structural change and co-evolution between technologies and institutions, and provide a causal-explanatory core for a modern - evolutionary - theory of economic growth and economic development. The chapters on `Evolutionary Micro Economics' offer insights into the knowledge based theories of the firm and take up the issues of cognitive and behavioral routines. The contributions explore the processes of complex human choice, creativity, and adaptation in selective and path-dependent environments. The discussions make an essential contribution to the cognitive and behavioral foundations of a modern institutional economics.
Frontiers Of Evolutionary Economics
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Author : John Foster
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003-01-01
Frontiers Of Evolutionary Economics written by John Foster 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 2003-01-01 with Business & Economics categories.
This compilation by leading protagonists is a must for a greater understanding of the world we are living in and wanting to see change for the better. Gerry Sweeney, Prometheus Modern evolutionary economics is now nearly two decades old and in this excellent book, a distinguished group of evolutionary economists identify the most important developments and discuss the direction of future research. By moving away from traditional concerns with the operation of selection mechanisms towards a preoccupation with the manner in which the novelty and variety provide fuel for such mechanisms, the authors identify a key development in the field. Evolutionary economists have been drawn into the modern complexity science literature which attempts to provide an understanding of how and why complex adaptive systems engage in processes of self-organization. The goal is to provide an integrated analysis of both selection and self-organization that is uniquely economic in orientation. After a brief overview of the many key achievements and continuing challenges, the first part of the book deals with theoretical perspectives, discussing institutional change, social constructions, complexity, selection and self-selection and the usefulness of theory. Part two deals with empirical perspectives and includes discussion of replicator dynamics, the measurement of heterogeneity and complexity, and modelling organizations as complex adaptive systems. This unique book will appeal to evolutionary and industrial economists and policymakers involved with issues of innovation and management scientists.
The General Theory Of Economic Evolution
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Author : Kurt Dopfer
language : en
Publisher: Routledge
Release Date : 2007-09-27
The General Theory Of Economic Evolution written by Kurt Dopfer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09-27 with Business & Economics categories.
The first book to chart the development of the field of evolutionary economics, this book provides an integrated generic framework to define the rules of an economic system; how they are coordinated and the causes and consequences of their change. Packed with pedagogical features including essay and tutorial questions, case studies and an extensive bibliography, this book: proposes a new analytic framework for the study of the nature and causes of long run economic growth and development in market systems analyzes the foundations of the neoclassical tradition, before developing a thesis through micro, meso and macro domains drawing conclusions as to what can be learned from the point of view of policy analysis focuses on an open-systems analytical framework and successfully formulates and refines the analytical foundations of a new general theory of economic evolution. This volume is essential reading for scholars and students of economic evolution and as well as for anyone who seeks to better understand the complex evolutionary nature of the structure and dynamics of the knowledge-based economy in today’s society.