Economic Evolution And Equilibrium


Economic Evolution And Equilibrium
Author: Marco Lehmann-Waffenschmidt
Publisher: Springer Science & Business Media
ISBN: 3540686622
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Economic Evolution And Equilibrium

eBook File: Economic-evolution-and-equilibrium.PDF Book by Marco Lehmann-Waffenschmidt, Economic Evolution And Equilibrium Books available in PDF, EPUB, Mobi Format. Download Economic Evolution And Equilibrium books, theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to the common reproach that economic theory is predominantly concerned with the question of ‘how the economic system ought to behave’ rather than with the question of ‘how does it behave actually’. This is the point at which the new branch of evolutionary economics has made its entrance. In contrast to growth or business cycle theory, evolutionary economics perceives the evolution of the economic system as essentially “open” to true novelties that are unforeseeable by their very nature. This view clearly makes obsolete any conception of equilibrium that resorts to the idea of a ?nal state of rest, or to the idea of an intertemporally optimizing trajectory which is prespeci?ed ab initio by a system of di?erential equations and initial con- tions. To be sure, there have been attempts to reconceptualize the notion of equilibrium from the evolutionary viewpoint. However, these proposals also appear, in one way or another, to hinge on the ideas of rest. This parti- larly applies to the branch of nonlinear dynamics and deterministic chaotic motion.


Economic Evolution and Equilibrium
Language: en
Pages: 272
Authors: Marco Lehmann-Waffenschmidt
Categories: Business & Economics
Type: BOOK - Published: 2007-05-07 - Publisher: Springer Science & Business Media
theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to
An Evolutionary Theory of Economic Change
Language: en
Pages: 454
Authors: Richard R. Nelson
Categories: Business & Economics
Type: BOOK - Published: 2009-06 - Publisher: Harvard University Press
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,
Economic Bulletin
Language: en
Pages:
Authors: Richard R. Nelson
Categories: Economic history
Type: BOOK - Published: 2001 - Publisher:
Books about Economic Bulletin
The WTO and Economic Development
Language: en
Pages: 376
Authors: Ben Zissimos
Categories: Business & Economics
Type: BOOK - Published: 2019-12-17 - Publisher: MIT Press
Economists offer rigorous quantitative analyses of how the institutional design and purpose of the WTO (and its progenitor, the GATT) affect economic development. The World Trade Organization (WTO) was established partly to support economic development in developing countries through international trade. This goal has been elusive, with some questioning the
Economic Computation and Economic Cybernetics Studies and Research
Language: en
Pages:
Authors: Ben Zissimos
Categories: Cybernetics
Type: BOOK - Published: 1984 - Publisher:
Books about Economic Computation and Economic Cybernetics Studies and Research
Bounded Rationality and Economic Evolution
Language: en
Pages: 336
Authors: Clement Allan Tisdell
Categories: Business & Economics
Type: BOOK - Published: 1996 - Publisher: Edward Elgar Pub
This seminal work advances beyond neoclassical economics to provide an integrated overview of the implications for economic decision making and the management of bounded rationality and its evolutionary consequences. Professor Tisdell successfully combines recent developments in learning and game theory, transaction costs and evolutionary economics to provide new insights into
Analyses and Projections of Economic Development
Language: en
Pages:
Authors: United Nations. Economic Commission for Latin America
Categories: Economic policy
Type: BOOK - Published: 1957 - Publisher:
Books about Analyses and Projections of Economic Development
Choice
Language: en
Pages:
Authors: United Nations. Economic Commission for Latin America
Categories: Academic libraries
Type: BOOK - Published: 1998 - Publisher:
Books about Choice
Economic Papers
Language: en
Pages:
Authors: United Nations. Economic Commission for Latin America
Categories: Australia
Type: BOOK - Published: 2006 - Publisher:
Books about Economic Papers
Evolution and Path Dependence in Economic Ideas
Language: en
Pages: 247
Authors: Pierre Garrouste, Stavros Ioannides, European Association for Evolutionary Political Economy
Categories: Business & Economics
Type: BOOK - Published: 2001-01-01 - Publisher: Edward Elgar Publishing
Since the 1980s there has been a renewed interest in attempts to introduce a sense of history into economic literature. In this text, the authors argue that it is not possible to explain a state of the world without first analyzing the processes that lead to that state.