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Author: Jason Potts
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
This work acts as a critique of the basis of neoclassical microeconomics, and makes a proposal for the structure of a new evolutionary theory.
Author: Jason Potts
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
This work acts as a critique of the basis of neoclassical microeconomics, and makes a proposal for the structure of a new evolutionary theory.
Author: Jacques Lesourne
Publisher: Springer
ISBN: 9783642066757
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Classical microeconomics is intended to explain how a price system is able to coordinate the economic agents. But even if it can be extended to incomplete information and externalities, it remains grounded on very heroic assumptions. Agents are endowed with a very strong rationality, equilibrium is stated without a concrete process to achieve it, market is the unique institution considered. Evolutionary microeconomics is aimed at bypassing these limitations by considering a dynamic approach, however not biologically oriented. Agents have local information and bounded rationality, they are involved in explicit processes of interactions through time, various institutions sustain the market or substitute to it. It explains then some phenomena hardly explained by classical microeconomics: dispersion of prices, variety of industrial structures, financial bubbles.
Author: Samuel Bowles
Publisher: Princeton University Press
ISBN: 1400829313
Category : Business & Economics
Languages : en
Pages : 599
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Book Description
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency. Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.
Author: Wolfram Elsner
Publisher: Academic Press
ISBN: 0124115993
Category : Business & Economics
Languages : en
Pages : 599
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Book Description
The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters
Author: Kurt Dopfer
Publisher:
ISBN: 9781843767268
Category : Evolutionary economics
Languages : en
Pages : 0
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Book Description
This three volume set gathers together selected key articles in evolutionary economics, ordering these into domains of micro analysis - concerned with agents - meso analysis - which is concerned with rule populations and trajectories - and macro analysis, which is about the structure and development of the whole economy. This authoritative collection, with an original introduction by the editors, will be of interest to scholars and researchers seeking to understand how evolutionary economics fits together and who seek to advance such an integrated approach.
Author: Anna Sachko Gandolfi
Publisher: Routledge
ISBN: 1351324624
Category : Business & Economics
Languages : en
Pages : 354
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Book Description
Economics is traditionally taken to be the social science concerned with the production, consumption, exchange, and distribution of wealth and commodities. Economists carefully track the comings and goings of the human household, whether written small (microeconomics) or large (macroeconomics) and attempt to predict future patterns under different situations. However, in constructing their models of economic behavior, economists often lose sight of the actual characteristics and motivations of their human subjects. In consequence, they have found the goal of an explanatory and predictive science to be elusive. Economics as an Evolutionary Science reorients economics toward a more direct appreciation of human nature, with an emphasis on what we have learned from recent advances in evolutionary science. The authors integrate economics and evolution to produce a social science that is rigorous, internally coherent, testable, and consistent with the natural sciences. The authors suggest an expanded definition of "fitness," as in Darwin's survival of the fittest, emphasizing not only the importance of reproduction and the quality of offspring, but also the unique ability of humans to provide material wealth to their children. The book offers a coherent explanation for the recent decline in fertility, which is shown to be consistent with the evolutionary goal of maximizing genetic success. In addition, the authors demonstrate the relevance to economics of several core concepts derived from biologists, including the genetics of parent-offspring conflict, inclusive fitness theory, and the phenomena of R-selection and K-selection. The keystone of their presentation is a cogent critique of the traditional concept of "utility." As the authors demonstrate, the concept can be modified to reflect the fundamental evolutionary principle whereby living things-including human beings-have been selected to behave in a manner that maximizes their genetic representation in future generations. Despite the extraordinary interest in applying evolutionary biology to other disciplines, Economics as an Evolutionary Science marks the first major attempt at a synthesis of biology and economics. Scholarly yet accessible, this volume offers unique and original perspectives on an entire discipline.
Author: John Laurent
Publisher: Edward Elgar Publishing
ISBN: 1843762943
Category : Biography & Autobiography
Languages : en
Pages : 260
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Book Description
This outstanding collection of essays by leading scholars helps explain how evolutionary economics has come of age. They show how evolutionary economics offers a progressive and diverse research agenda built on strong foundations. These are essays of lasting value. J. Stanley Metcalfe, University of Manchester, UK Darwinism is fast becoming an orthodoxy of modern thought, a framework within which a wide range of knowledge communities conduct their discourse. Ever since its formation, Darwinian theory has experienced a close, though not always comfortable, association with economics. Evolutionary economists now appear to show little concern for the consistency of knowledge in their embrace of Darwinism. Darwinism and Evolutionary Economics brings together contributions from eminent authors who, building on Darwin s own insights and on developments in evolutionary theory, offer challenging views on how economics can use evolutionary ideas effectively. This collection of critical essays provides a thorough examination of the application of Darwinian theory to economic thought, and will appeal to evolutionary economists and all those with an interest in Darwin, innovation and evolutionary science.
Author: Yoshinori Shiozawa
Publisher: Springer
ISBN: 4431552677
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
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.
Author: Manuel Scholz-Wackerle
Publisher: Routledge
ISBN: 1136008721
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
Generic institutionalism offers a new perspective on institutional economic change within an evolutionary framework. The institutional landscape shapes the social fabric and economic organization in manifold ways. The book elaborates on the ubiquity of such institutional forms with regards to their emergence, durability and exit in social agency-structure relations. Thereby institutions are considered as social learning environments changing the knowledge base of the economy along generic rule-sets in non-nomological ways from within. Specific attention is given to a theoretical structuring of the topic in ontology, heuristics and methodology. Part I introduces a generic naturalistic ontology by comparing prevalent ontological claims in evolutionary economics and preparing them for a broader pluralist and interdisciplinary discourse. Part II reconsiders these ontological claims and confronts it with prevalent heuristics, conceptualizations and projections of institutional change. In this respect the book revisits the institutional economic thought of Thorstein Veblen, Friedrich August von Hayek, Joseph Alois Schumpeter and Pierre Bourdieu. A synthesis is suggested in an application of the generic rule-based approach. Part III discusses the implementation of rule-based bottom-up models of institutional change and provides a basic prototype agent-based computational simulation. The evolution of power relations plays an important role in the programming of real-life communication networks. This notion characterizes the discussed policy realms (Part IV) of ecological and financial sustainability as tremendously complex areas of institutional change in political economy, leading to the concluding topic of democracy in practice. The novelty of this approach is given by its modular theoretical structure. It turns out that institutional change is carried substantially by affective social orders in contrast to rational orders as communicated in orthodox economic realms. The characteristics of affective orders are derived theoretically from intersections between ontology and heuristics, where interdependencies between instinct, cognition, rationality, reason, social practice, habit, routine or disposition are essential for the embodiment of knowledge. This kind of research indicates new generic directions to study social learning in particular and institutional evolution in general.
Author: John M. Gowdy
Publisher: Stanford University Press
ISBN: 0804772851
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Microeconomic Theory Old and New: A Student's Guide has two main goals. The first is to give advanced undergraduate and graduate students an understanding of the core model of economics: Walrasian general equilibrium theory. The text presents in detail the three building blocks of Walrasian theory—establishing Pareto efficiency in a barter economy, establishing the efficiency of competitive markets, and accounting for market failure. Each is discussed verbally, graphically, and using mathematics. After reading this book, students will have an understanding of how the seemingly disparate pieces of conventional economics fit together as a system. Although the text focuses on the intellectual framework of standard economic theory, relevant mathematical techniques are discussed. The second goal is to present contemporary extensions and emerging alternatives to the Walrasian model. Some of the theoretical inconsistencies in the model are presented, drawing on the work of Samuelson, Boadway, Chipman and Moore, Ng, and Suzamura, among others. The text then presents challenges to the basic assumptions of the Walrasian system, posed by findings in behavioral economics and evolutionary game theory. Understanding both the Walrasian system and the theoretical and experimental critiques of classical economics is essential to those who ultimately work within the traditional framework and to those looking for an alternative, making this a must read for all students of economics.
