Microfoundations of Evolutionary Economics

Microfoundations of Evolutionary Economics
Author :
Publisher : Springer
Total Pages : 360
Release :
ISBN-10 : 9784431552673
ISBN-13 : 4431552677
Rating : 4/5 (677 Downloads)

Book Synopsis Microfoundations of Evolutionary Economics by : Yoshinori Shiozawa

Download or read book Microfoundations of Evolutionary Economics written by Yoshinori Shiozawa and published by Springer. This book was released on 2019-06-27 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Evolutionary Economics Related Books

Microfoundations of Evolutionary Economics
Language: en
Pages: 360
Authors: Yoshinori Shiozawa
Categories: Business & Economics
Type: BOOK - Published: 2019-06-27 - Publisher: Springer

DOWNLOAD EBOOK

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
The Microfoundations Delusion
Language: en
Pages: 301
Authors: John Edward King
Categories: Business & Economics
Type: BOOK - Published: 2012-01-01 - Publisher: Edward Elgar Publishing

DOWNLOAD EBOOK

ïThis excellent book documents the creation of what has become the first commandment of orthodox macroeconomics: that microeconomic theory provides its foundat
The New Evolutionary Microeconomics
Language: en
Pages: 266
Authors: Jason Potts
Categories: Business & Economics
Type: BOOK - Published: 2000 - Publisher: Edward Elgar Publishing

DOWNLOAD EBOOK

This work acts as a critique of the basis of neoclassical microeconomics, and makes a proposal for the structure of a new evolutionary theory.
The Evolutionary Foundations of Economics
Language: en
Pages: 604
Authors: Kurt Dopfer
Categories: Business & Economics
Type: BOOK - Published: 2005-05-23 - Publisher: Cambridge University Press

DOWNLOAD EBOOK

It is widely recognised that mainstream economics has failed to translate micro consistently into macro economics and to provide endogenous explanations for the
Modern Evolutionary Economics
Language: en
Pages: 285
Authors: Richard R. Nelson
Categories: Business & Economics
Type: BOOK - Published: 2018-05-03 - Publisher: Cambridge University Press

DOWNLOAD EBOOK

Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influ