Economic Complexity And Equilibrium Illusion

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Economic Complexity and Equilibrium Illusion

Ping Chen
Economic Complexity and Equilibrium Illusion Book PDF

Author : Ping Chen
Publisher : Routledge
Page : 272 pages
File Size : 52,8 Mb
Release : 2010-04-05
Category : Business & Economics
ISBN : 9781136994876

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Economic Complexity and Equilibrium Illusion by Ping Chen Pdf

The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.

Microeconomics of Interactive Economies

Wolfram Elsner
Microeconomics of Interactive Economies Book PDF

Author : Wolfram Elsner
Publisher : Edward Elgar Publishing
Page : 267 pages
File Size : 54,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781781953402

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Microeconomics of Interactive Economies by Wolfram Elsner Pdf

A 'Non-Toxic' Intermediate Textbook 'Here, at last, we have the ideal textbook for microeconomics from an evolutionary and institutional perspective. Wolfram Elsner does nothing less than reconstruct the principles of microeconomics for a world of interactive business networks, change and innovation, crisis and uncertainty, as well as coordination problems and cooperative joint ventures. The publication of this book is a landmark event in microeconomics.' – Phillip A. O'Hara, Curtin University of Technology, Perth, Australia and President-Elect of AFEE, 2012 'This microeconomics textbook by Wolfram Elsner provides a timely alternative for understanding the micro roots of uncertainty, complexity and crisis. The evolutionary and institutional perspective sheds new light on contemporary issues such as clusters, networks, innovation and coordination. By reading this textbook, teachers, students and practitioners will open their minds to new economic thinking.' – Ping Chen, Peking University, Beijing, Fudan University, Shanghai, China and author of Economic Complexity and Equilibrium Illusion This thorough reconstruction of microeconomics 'post-2008' provides economic students with a new way of real-world understanding and strategic qualification that will be better appreciated by their future employers and any professional practice. It will prove essential for economic students and other social science programs at a graduate level. This accessible and engaging textbook includes: • A survey of the most famous core models of modern microeconomics including the neoclassical approach and its heterodox critiques – Sraffian, Institutionalist, Post-Keynesian and Mirowskian • An introduction to complexity thinking in economics • An introduction to game theory • An introduction to the methods of complex computer simulation • An introduction to strategic behavior • An newly integrated approach to real-world and complexity economics, rather than focusing on neoclassical ('perfect') market equilibrium 'plus a thousand recent extra things on top'. See the companion website – www.microeconomics.us – for teaching material, readings, exams and as a general guide to explore issues raised in the book.

Alternative Approaches to Economic Theory

Victor A. Beker
Alternative Approaches to Economic Theory Book PDF

Author : Victor A. Beker
Publisher : Routledge
Page : 234 pages
File Size : 47,5 Mb
Release : 2019-06-11
Category : Business & Economics
ISBN : 9780429667237

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Alternative Approaches to Economic Theory by Victor A. Beker Pdf

The 2007–2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline. This volume brings together contributions from different perspectives and theoretical approaches that address the challenge of updating the economic theory corpus and seek to recover prestige for this discipline after the failure of neoclassical economics. It addresses a range of topics, including the complexity approach to economics, category theory, the Post-Keynesian approach to micro and macroeconomics, financialisation, multidimensional analysis and ecological economics. The book is aimed at economics scholars, researchers, academics and practitioners, as well as upper undergraduates and graduates in this area of knowledge. It may also be of interest for people interested in methodological issues in economics and the relationship between economic theory and the real world.

Policy Implications of Recent Advances in Evolutionary and Institutional Economics

Claudius Gräbner,Torsten Heinrich,Henning Schwardt
Policy Implications of Recent Advances in Evolutionary and Institutional Economics Book PDF

Author : Claudius Gräbner,Torsten Heinrich,Henning Schwardt
Publisher : Routledge
Page : 238 pages
File Size : 55,7 Mb
Release : 2016-05-12
Category : Business & Economics
ISBN : 9781317500445

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Policy Implications of Recent Advances in Evolutionary and Institutional Economics by Claudius Gräbner,Torsten Heinrich,Henning Schwardt Pdf

This collection is inspired by the coming retirement of Professor Wolfram Elsner. It presents cutting-edge economic research relevant to economic policies and policy-making, placing a strong focus on innovative perspectives. In a changing world that has been shaken by economic, social, financial, and ecological crises, it becomes increasingly clear that new approaches to economics are needed for both theoretical and empirical research; for applied economics as well as policy advice. At this point, it seems necessary to develop new methods, to reconsider theoretical foundations and especially to take into account the theoretical alternatives that have been advocated within the field of economics for many years. This collection seeks to accomplish this by including institutionalist, evolutionary, complexity, and other innovative perspectives. It thereby creates a unique selection of methodological and empirical approaches ranging from game theory to economic dynamics to empirical and historical-theoretical analyses. The interested reader will find careful reconsiderations of the historical development of institutional and evolutionary theories, enlightening theoretical contributions, interdisciplinary ideas, as well as insightful applications. The collection serves to highlight the common ground and the synergies between the various approaches and thereby to contribute to an emerging coherent framework of alternative theories in economics. This book is of interest to those who study political economy, economic theory and philosophy, as well as economic policy.

The Evolution of Economic and Innovation Systems

Andreas Pyka,John Foster
The Evolution of Economic and Innovation Systems Book PDF

Author : Andreas Pyka,John Foster
Publisher : Springer
Page : 641 pages
File Size : 49,6 Mb
Release : 2015-03-03
Category : Business & Economics
ISBN : 9783319132990

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The Evolution of Economic and Innovation Systems by Andreas Pyka,John Foster Pdf

This book is at the cutting edge of the ongoing ‘neo-Schumpeterian’ research program that investigates how economic growth and its fluctuation can be understood as the outcome of a historical process of economic evolution. Much of modern evolutionary economics has relied upon biological analogy, especially about natural selection. Although this is valid and useful, evolutionary economists have, increasingly, begun to build their analytical representations of economic evolution on understandings derived from complex systems science. In this book, the fact that economic systems are, necessarily, complex adaptive systems is explored, both theoretically and empirically, in a range of contexts. Throughout, there is a primary focus upon the interconnected processes of innovation and entrepreneurship, which are the ultimate sources of all economic growth. Twenty two chapters are provided by renowned experts in the related fields of evolutionary economics and the economics of innovation.

Methods and Finance

Emiliano Ippoliti,Ping Chen
Methods and Finance Book PDF

Author : Emiliano Ippoliti,Ping Chen
Publisher : Springer
Page : 194 pages
File Size : 40,8 Mb
Release : 2016-12-23
Category : Science
ISBN : 9783319498720

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Methods and Finance by Emiliano Ippoliti,Ping Chen Pdf

The book offers an interdisciplinary perspective on finance, with a special focus on stock markets. It presents new methodologies for analyzing stock markets’ behavior and discusses theories and methods of finance from different angles, such as the mathematical, physical and philosophical ones. The book, which aims at philosophers and economists alike, represents a rare yet important attempt to unify the externalist with the internalist conceptions of finance.

Evolutionary Foundations of Economic Science

Yuji Aruka
Evolutionary Foundations of Economic Science Book PDF

Author : Yuji Aruka
Publisher : Springer
Page : 219 pages
File Size : 45,7 Mb
Release : 2014-10-04
Category : Business & Economics
ISBN : 9784431548447

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Evolutionary Foundations of Economic Science by Yuji Aruka Pdf

This book aims to discern and distinguish the essential features of basic economic theories and compare them with new theories that have arisen in recent years. The book focuses on seminal economic ideas and theories developed mainly in the 1930s to 1950s because their emergence eventually led to new branches of economics. The book describes an alternative analytical framework spreading through the interdisciplinary fields of socioeconophysics and sociodynamics. The focus is on a set of branching or critical points that separate what has gone before from what has followed. W. Brian Arthur used the term “redomaining” when he referred to technological innovation. In the present volume the author aims to re domain economic theories suited for a new social order. Major technological innovations accompany not only changes in the economy and the market but changes in their meaning as well. In particular, the evolution of trading technology has changed the meaning of the “invisible hand.” At the end of the last century, the advent of socioeconophysics became a decisive factor in the emergence of a new economic science. This emergence has coincided with changes in the implications of the economy and the market, which consequently require a redomaining of economic science. In this new enterprise, the joint efforts of many scientists outside traditional economics have brought brilliant achievements such as power law distribution and network analysis, among others. However, the more diverse the backgrounds of economic scientists, the less integrated the common views among them may be, resulting in a sometimes perplexing potpourri of economic terminology. This book helps to mitigate those differences, shedding light on current alternative economic theories and how they have evolved.

The Microeconomics of Complex Economies

Wolfram Elsner,Torsten Heinrich,Henning Schwardt
The Microeconomics of Complex Economies Book PDF

Author : Wolfram Elsner,Torsten Heinrich,Henning Schwardt
Publisher : Academic Press
Page : 600 pages
File Size : 41,5 Mb
Release : 2014-04-15
Category : Business & Economics
ISBN : 9780124115996

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The Microeconomics of Complex Economies by Wolfram Elsner,Torsten Heinrich,Henning Schwardt Pdf

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

Foundations of Real-World Economics

John Komlos
Foundations of Real World Economics Book PDF

Author : John Komlos
Publisher : Taylor & Francis
Page : 591 pages
File Size : 45,7 Mb
Release : 2023-03-20
Category : Business & Economics
ISBN : 9781000847895

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Foundations of Real-World Economics by John Komlos Pdf

The 2008 financial crisis, the rise of Trumpism, and the other populist movements which have followed in their wake have grown out of the frustrations of those hurt by the economic policies advocated by conventional economists for generations. Despite this, textbooks remain frozen in time, continuing to uphold traditional policies as though nothing has happened. Foundations of Real-World Economics demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America. This volume explores the realities of oligopolies, the real impact of the minimum wage, the double-edged sword of free trade, and other ways in which powerful institutions cause distortions in mainstream models. Bringing together the work of key scholars like Kahneman, Minsky, and Schumpeter, this textbook takes into consideration the inefficiencies that arise when the perfectly competitive model is applied to the real world dominated by multinational oligopolies. The third edition has been updated throughout, bringing in new material on the financial crises, the rise of populism, racism, inequality, climate change, and the Covid-19 pandemic. A must-have for students studying the principles of economics as well as micro- and macroeconomics, this textbook redresses the existing imbalance in economic teaching as John Komlos focuses on the paradigm of humanistic economics.

Marx, Veblen, and the Foundations of Heterodox Economics

Tae-Hee Jo,Frederic Lee
Marx Veblen and the Foundations of Heterodox Economics Book PDF

Author : Tae-Hee Jo,Frederic Lee
Publisher : Routledge
Page : 342 pages
File Size : 53,9 Mb
Release : 2015-07-30
Category : Business & Economics
ISBN : 9781317631453

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Marx, Veblen, and the Foundations of Heterodox Economics by Tae-Hee Jo,Frederic Lee Pdf

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry’s contributions in connection to Marx’s and Veblen’s theories, but also apply them to the socio-economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx’s and Veblen’s theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry’s heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading.

Capital, Exploitation and Economic Crisis

John Weeks
Capital Exploitation and Economic Crisis Book PDF

Author : John Weeks
Publisher : Routledge
Page : 212 pages
File Size : 53,6 Mb
Release : 2011-03-15
Category : Business & Economics
ISBN : 9781136808012

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Capital, Exploitation and Economic Crisis by John Weeks Pdf

In 2008 the capitalist world was swept by the severest crisis since the Great Depression of the 1930s. Mainstream economics neither anticipated nor could account for this disastrous financial crisis, which required massive state intervention throughout the capitalist world. Karl Marx did anticipate this type of financial collapse, arguing that it was derivative from the ‘fetishism of commodities’ inherent in the capitalist mode of production. This book substantiates the foregoing claim by a journey from Marx’s analysis of commodities to the capitalist crisis of the twenty-first century. The book demonstrates that Marx's framework (1) demonstrates that capitalism is but one historical form of class society among many; (2) explains the transition from pre-capitalist to capitalist society; (3) reveals the concrete operation of a capitalist economy; and (4) shows why others would explain the capitalist economy in alternative theoretical frameworks. The central element in his framework from which all else derives is ‘the theory of value’. This book is not an exercise in the history of thought. It is an attempt to analyze the nature of contemporary capitalist society. While Marx’s analysis of capitalism has implications for political action, these need not lead one to embrace revolution in place of reform, though it can and has provided the analytical foundation for both. Marx’s analysis of capitalism is a coherent whole, and meaningful insights cannot be obtained by extracting elements from it. Weeks starts out by looking at the nature of capitalism and an analysis circulation, money and credit unfold from the theory of value. The nature and inherent necessity of competition are demonstrated in chapter eight. A consequence of competition, expressed in the movement of capital, is technical change, the contradictory impact of which is explained in chapter nine. This is brought together with the other elements of value theory (money, credit and competition) in chapter ten, where economic crises are treated in detail. The final chapter applies the theory of crisis to the extreme financial disturbances of the 2000s. This book should be of interest to students and researchers of economics, politics and sociology.

Economic Indeterminacy

Yanis Varoufakis
Economic Indeterminacy Book PDF

Author : Yanis Varoufakis
Publisher : Routledge
Page : 391 pages
File Size : 45,5 Mb
Release : 2013-10-08
Category : Business & Economics
ISBN : 9781135141271

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Economic Indeterminacy by Yanis Varoufakis Pdf

This volume is a collection of some of the best and most influential work of Yanis Varoufakis. The chapters all address the issue of economic indeterminacy, and the place of a socialized Homo Economicus within the economy. The book addresses Varoufakis’ key interpretation regarding the way in which neoclassical economics deals with the twin problems of complexity and indeterminacy. He argues that all neoclassical modelling revolves around three meta-axioms: Methodological individualism, Methodological instrumentalism and the Methodological Imposition of Equilibrium. Each chapter is preceded by an introduction, which explains its place within the overarching theme of the book. The volume also includes a lengthy introduction, plus a concluding chapter focusing on the future of economics. It will be a key work for all students and researchers in the field of political economy and economic methodology.

Organizations, Individualism and Economic Theory

Maria Brouwer
Organizations Individualism and Economic Theory Book PDF

Author : Maria Brouwer
Publisher : Routledge
Page : 288 pages
File Size : 45,7 Mb
Release : 2012-08-21
Category : Business & Economics
ISBN : 9781136253133

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Organizations, Individualism and Economic Theory by Maria Brouwer Pdf

Most economic theory is based on the assumption that economies grow in a linear fashion. Recessions, depressions and (financial) crises are explained by policy mistakes. However, economic development has historically been uneven, and this state of affairs continues today. This book argues that twentieth century economic theory has marginalized individualism and organizational variety, and puts forward the case for a pluralist approach. This book represents a unique synthesis of business theory and economic theory, which pinpoints the problems with many current mainstream theories and sets out new agendas for research. Here, Maria Brouwer argues that market competition is not about adapting to changes from outside, but is driven by human motivation and goal directed behavior. This gives managerial skills, which do not traditionally have a significant place in mainstream economic theory, a key role. It also highlights the need for organizations that have a motivational culture and appreciate human capital. This differs from the traditional view of the firm as a production function dictated by technology. Brower argues that organizations should be depicted as voluntary associations of people that pursue goals of their own, while firms compete on markets, where relative performance determines their fate. This argument builds on older theories of innovation and market competition that live on in business school curricula, and paints a picture of an economy directed by individuals and firms. This signals a bold departure from standard economic thinking.

Economics, Sustainability, and Democracy

Christopher Nobbs
Economics Sustainability and Democracy Book PDF

Author : Christopher Nobbs
Publisher : Routledge
Page : 305 pages
File Size : 45,8 Mb
Release : 2012-09-10
Category : Business & Economics
ISBN : 9781136255922

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Economics, Sustainability, and Democracy by Christopher Nobbs Pdf

How should we conduct economics in an era of climate change, natural resource depletion and population increase? These issues are systemic, and involve great uncertainties and long time horizons. This book contends that the free-market economics that has dominated capitalist democracies in recent decades is not up to the task; that the welfarist economics that preceded it, while preferable, also has inadequacies; and that what is required is an economics founded on ecological principles, greater respect for the laws of natural science, and a moral commitment to a sustainable future. The book commences with an exposition of major aspects of orthodox macroeconomic and microeconomic theory. It then explores the bounds of orthodox theory in relation to ethics, liberalism, ideology, society, the international economy, globalization, and the environment, and seeks lessons for a future economics. Issues raised by natural resource use and climate change are given particular prominence. Many of the issues of critical importance in coming decades involve not private goods but public goods: goods which markets are ill-equipped to deal with. In the resolution of these issues political processes will need to be engaged. The availability to each individual of clean air, clean water and adequate sustenance, goods which cannot be provided for by economic production alone, are of central concern. While acknowledging the importance of market processes, the author argues in favour of a more deliberative and democratic economy, the greater engagement of civil society, environmental human rights and responsibilities, and in favour of a World Environment Organization, change in the conduct of the World Trade Organization, and for economists to accept moral responsibility for the policies they advocate. Specific case studies are given and potential policies outlined. This book will be of interest not only to economists but also to citizens generally and students concerned with public affairs.

Economics, Sustainability, and Democracy

Christopher L. Nobbs
Economics Sustainability and Democracy Book PDF

Author : Christopher L. Nobbs
Publisher : Routledge
Page : 306 pages
File Size : 48,8 Mb
Release : 2013
Category : Business & Economics
ISBN : 9780415524407

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Economics, Sustainability, and Democracy by Christopher L. Nobbs Pdf

This text argues that the major economic problems of the present century involve issues of public goods and common pool resources with which orthodox economic theory, based as it is on private markets, is ill-equipped to deal.