Go to main content

Microfoundations of Evolutionary Economics / by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi.

Shiozawa, Yoshinori, author.; Morioka, Masashi.; Taniguchi, Kazuhisa.
2019
HB97.3
Available Online
Formats
Format
BibTeX
MARCXML
TextMARC
MARC
DublinCore
EndNote
NLM
RefWorks
RIS
Add to Basket

Linked e-resources

Linked Resource
Online Access
Concurrent users
Unlimited
Authorized users
Authorized users
Document Delivery Supplied
Can lend chapters, not whole ebooks

Details

Title
Microfoundations of Evolutionary Economics / by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi.
Author
Shiozawa, Yoshinori, author.
Edition
1st ed.
ISBN
9784431552673 (electronic book)
4431552677 (electronic book)
9784431552666
Published
Tokyo : Springer, 2019.
Language
English
Description
1 online resource (xviii, 346 pages) : illustrations.
Call Number
HB97.3
Dewey Decimal Classification
330.1
Summary
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.
Access Note
Access limited to authorized users.
Added Author
Morioka, Masashi.
Taniguchi, Kazuhisa.
Series
Evolutionary economics and social complexity science.
Available in Other Form
Microfoundations of Evolutionary Economics
Linked Resources
Online Access
Record Appears in
Online Resources > Ebooks
All Resources
Chapter 1: Microfoundations of Evolutionary Economics
Chapter 2: A large Economic System with Minimally Rational Agents
Chapter 3: The Basic Theory of Quantity Adjustment
Chapter 4: Dynamic Properties of Quantity Adjustment Process under Demand Forecast Formed by a Moving Average of Past Demands
Chapter 5: Extensions of Model Analysis of the Quantity Adjustment Process in Several Directions
Chapter 6: Significance of Non-Linearity and Many Goods Models
Chapter 7: Exchange and Arbitrage: Price, Evaluation and the Principle of Exchange.

Browse Subjects

Show more subjects...

Statistics

from
to
Export