Introduction to the Economy as an Evolving Complex System II. PDF Download

Author: W. Brian Arthur
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 14

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Book Description

Author: W. Brian Arthur
Publisher: CRC Press
ISBN: 0429976267
Category : Mathematics
Languages : en
Pages : 428

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Book Description
A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.

Author: Arnold Kling
Publisher: Cato Institute
ISBN: 1944424164
Category : Business & Economics
Languages : en
Pages : 223

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Book Description
Since the end of the second World War, economics professors and classroom textbooks have been telling us that the economy is one big machine that can be effectively regulated by economic experts and tuned by government agencies like the Federal Reserve Board. It turns out they were wrong. Their equations do not hold up. Their policies have not produced the promised results. Their interpretations of economic events -- as reported by the media -- are often of-the-mark, and unconvincing. A key alternative to the one big machine mindset is to recognize how the economy is instead an evolutionary system, with constantly-changing patterns of specialization and trade. This book introduces you to this powerful approach for understanding economic performance. By putting specialization at the center of economic analysis, Arnold Kling provides you with new ways to think about issues like sustainability, financial instability, job creation, and inflation. In short, he removes stiff, narrow perspectives and instead provides a full, multi-dimensional perspective on a continually evolving system.

Author: Richard R. Nelson
Publisher: Cambridge University Press
ISBN: 1108660789
Category : Business & Economics
Languages : en
Pages : 285

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Book Description
Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evolutionary economics, reviewing in detail how this perspective has been manifest in various areas of economic inquiry where evolutionary economists have been active. Providing the perfect overview for interested economists and social scientists, readers will learn how in each of the diverse fields featured, evolutionary economics has enabled an improved understanding of how and why economic progress occurs.

Author: Santa Fe Instit
Publisher: Addison Wesley Publishing Company
ISBN:
Category : Business & Economics
Languages : en
Pages : 344

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Book Description
This book proceeds from a meeting at the Santa Fe Institute where economists and physical and biological scientists came together to discuss a conceptual framework incorporating a more appropriate mat

Author: Yuji Aruka
Publisher: Springer Nature
ISBN: 981971382X
Category :
Languages : en
Pages : 335

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Book Description

Author: W. Brian Arthur
Publisher: Oxford University Press, USA
ISBN: 0199334293
Category : Business & Economics
Languages : en
Pages : 241

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Book Description
A collection of previous published papers by the author on the subject of complexity economics, appearing from the 1980s to the present.

Author: Hendrik Van den Berg
Publisher: Edward Elgar Publishing
ISBN: 103532234X
Category : Business & Economics
Languages : en
Pages : 517

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Book Description
This introductory textbook provides a broad introduction to the field of macroeconomics and the alternative approaches to modeling an economic system. It ultimately demonstrates that economic modeling is always a matter of choice and compromise, and no one school of thought can accurately capture the full essence of a real evolving economic system under all circumstances, in all places, and at all times in history.

Author: Cesar Hidalgo
Publisher:
ISBN: 0465048994
Category : Business & Economics
Languages : en
Pages : 258

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Book Description
Prologue; Introduction; PART I Bits in Atoms; 1 The Secret to Time Travel; 2 The Body of the Meaningless; 3 The Eternal Anomaly; PART II Crystallized Imagination; 4 Out of Our Heads!; 5 Amplifiers; PART III The Quantization of Knowhow; 6 This Time, It's Personal; 7 Links Are Not Free; 8 In Links We Trust; PART IV The Complexity of the Economy; 9 The Evolution of Economic Complexity; 10 The Sixth Substance; 11 The Marriage of Knowledge, Knowhow, and Information; PART V Epilogue; 12 The Evolution of Physical Order, from Atoms to Economies; Acknowledgments; Notes; Index.

Author: Panagiotis E. Petrakis
Publisher: Springer Nature
ISBN: 3030500683
Category : Business & Economics
Languages : en
Pages : 561

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Book Description
This book provides the theoretical and analytical background critical to understand the process of economic development and growth at the beginning of the 21st century. This book adopts an interdisciplinary approach, using concepts borrowed from related disciplines such as politics, anthropology, psychology, business, and more. The core theme of this book is the argument that different theoretical approaches constitute excellent creative contributions, the study of which is necessary for a complete understanding of development and growth. Thus, this book stands out for its theoretical pluralistic character. The first part of the book provides an introduction to essential methodology terms for the theory of economic development and growth, while the second part outlines important concepts of economic behavior. Part three focuses on the sources of economic growth and their evolution throughout history, and pays special attention to the main theories related to economic growth as well as to the growth and development implications of Covid-19. The book ends with an analysis of international financial architecture and the consolidated financial transaction framework.