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Author: W. Brian Arthur Publisher: CRC Press ISBN: 0429976267 Category : Mathematics Languages : en Pages : 437
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: W. Brian Arthur Publisher: CRC Press ISBN: 0429976267 Category : Mathematics Languages : en Pages : 437
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: Santa Fe Instit Publisher: Addison Wesley Publishing Company ISBN: Category : Business & Economics Languages : en Pages : 344
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: W. Brian Arthur Publisher: Westview Press ISBN: Category : Business & Economics Languages : en Pages : 616
Book Description
This volume is a collection of articles that shape and define a new view of the economy as an evolving complex system. This view is one of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.
Author: Michael Jacobs Publisher: John Wiley & Sons ISBN: 1119311632 Category : Political Science Languages : en Pages : 224
Book Description
"Thought provoking and fresh - this book challenges how we think about economics.” Gillian Tett, Financial Times For further information about recent publicity events and media coverage for Rethinking Capitalism please visit http://marianamazzucato.com/rethinking-capitalism/ Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it.
Author: Eric D. Beinhocker Publisher: Harvard Business Press ISBN: 9781578517770 Category : Business & Economics Languages : en Pages : 556
Book Description
Beinhocker has written this work in order to introduce a broad audience to what he believes is a revolutionary new paradigm in economics and its implications for our understanding of the creation of wealth. He describes how the growing field of complexity theory allows for evolutionary understanding of wealth creation, in which business designs co-evolve with the evolution of technologies and organizational innovations. In addition to giving his audience a tour of this field of complexity economics, he discusses its implications for real-world issues of business.
Author: David S. Wilson Publisher: MIT Press ISBN: 0262035383 Category : Business & Economics Languages : en Pages : 409
Book Description
An exploration of how approaches that draw on evolutionary theory and complexity science can advance our understanding of economics. Two widely heralded yet contested approaches to economics have emerged in recent years: one emphasizes evolutionary theory in terms of individuals and institutions; the other views economies as complex adaptive systems. In this book, leading scholars examine these two bodies of theory, exploring their possible impact on economics. Relevant concepts from evolutionary theory drawn on by the contributors include the distinction between proximate and ultimate causation, multilevel selection, cultural change as an evolutionary process, and human psychology as a product of gene-culture coevolution. Applicable ideas from complexity theory include self-organization, fractals, chaos theory, sensitive dependence, basins of attraction, and path dependence. The contributors discuss a synthesis of complexity and evolutionary approaches and the challenges that emerge. Focusing on evolutionary behavioral economics, and the evolution of institutions, they offer practical applications and point to avenues for future research. Contributors Robert Axtell, Jenna Bednar, Eric D. Beinhocker, Adrian V. Bell, Terence C. Burnham, Julia Chelen, David Colander, Iain D. Couzin, Thomas E. Currie, Joshua M. Epstein, Daniel Fricke, Herbert Gintis, Paul W. Glimcher, John Gowdy, Thorsten Hens, Michael E. Hochberg, Alan Kirman, Robert Kurzban, Leonhard Lades, Stephen E. G. Lea, John E. Mayfield, Mariana Mazzucato, Kevin McCabe, John F. Padgett, Scott E. Page, Karthik Panchanathan, Peter J. Richerson, Peter Schuster, Georg Schwesinger, Rajiv Sethi, Enrico Spolaore, Sven Steinmo, Miriam Teschl, Peter Turchin, Jeroen C. J. M. van den Bergh, Sander E. van der Leeuw, Romain Wacziarg, John J. Wallis, David S. Wilson, Ulrich Witt
Author: W. Brian Arthur Publisher: CRC Press ISBN: 0429965184 Category : Mathematics Languages : en Pages : 600
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: Elizabeth Garnsey Publisher: Edward Elgar Publishing ISBN: 1847202926 Category : Business & Economics Languages : en Pages : 231
Book Description
. . . in my opinion. . . readers. . . should find in this book both several remarkable insights concerning basic statements of evolutionary theorising and concrete results that can be acquired by applying such basic statements in computer simulation models and in various fields of analysis. Mauro Lombardi, The Journal of Artificial Societies and Social Simulation Complexity theory first emerged three decades or so ago, but only recently has its potential relevance for the study of social and economic phenomena really begun to be recognised. This timely collection of essays clearly demonstrates, both conceptually and empirically, how complexity theory ideas can provide considerable insight into how socio-economic systems cities, societies, industries, technologies and economies evolve and adapt over time. It is essential reading for anyone interested in how order and evolution emerge out of the seemingly chaotic socio-economic world around us. Ron Martin, University of Cambridge, UK I read Complexity and Co-Evolution with real pleasure. These authors have done the near impossible they have made the concepts of a new and evolving science accessible to people who can apply it in practical ways. The clarity of writing reflects the sort of confidence only the truly informed can muster, for they need no jargon to cover confusions. Their mastery allows them to present the essentials in simple, unadorned forms and through genuinely illustrative examples. Any manager or director trying to navigate dynamic markets can use this book to learn new ways of thinking, explore new possibilities, and study historical experiences. Robert Artigiani, United States Naval Academy Current thinking about evolutionary dynamics increasingly relies on co-evolution, and co-evolution increasingly implies complex dynamics of one sort or another. This volume brings together a capable and well-balanced group of thinkers on these topics who explore these deeply related concepts with up-to-date and advanced tools and concepts. For anyone wishing to learn about the latest developments in these rapidly developing areas, this book is highly recommended. J. Barkley Rosser Jr., James Madison University, US This book applies ideas and methods from the complexity perspective to key concerns in the social sciences, exploring co-evolutionary processes that have not yet been addressed in the technical or popular literature on complexity. Authorities in a variety of fields including evolutionary economics, innovation and regeneration studies, urban modelling and history re-evaluate their disciplines within this framework. The book explores the complex dynamic processes that give rise to socio-economic change over space and time, with reference to empirical cases including the emergence of knowledge-intensive industries and decline of mature regions, the operation of innovative networks and the evolution of localities and cities. Sustainability is a persistent theme and the practicability of intervention is examined in the light of these perspectives. Specialists in disciplines that include economics, evolutionary theory, innovation, industrial manufacturing, technology change, and archaeology will find much to interest them in this book. In addition, the strong interdisciplinary emphasis of the book will attract a non-specialist audience interested in keeping abreast of current theoretical and methodological approaches through evidence-based and practical examples.
Author: David Dranove Publisher: Princeton University Press ISBN: 1400824680 Category : Medical Languages : en Pages : 220
Book Description
The American health care industry has undergone such dizzying transformations since the 1960s that many patients have lost confidence in a system they find too impersonal and ineffectual. Is their distrust justified and can confidence be restored? David Dranove, a leading health care economist, tackles these and other key questions in the first major economic and historical investigation of the field. Focusing on the doctor-patient relationship, he begins with the era of the independently practicing physician--epitomized by Marcus Welby, the beloved father figure/doctor in the 1960s television show of the same name--who disappeared with the growth of managed care. Dranove guides consumers in understanding the rapid developments of the health care industry and offers timely policy recommendations for reforming managed care as well as advice for patients making health care decisions. The book covers everything from start-up troubles with the first managed care organizations to attempts at government regulation to the mergers and quality control issues facing MCOs today. It also reflects on how difficult it is for patients to shop for medical care. Up until the 1970s, patients looked to autonomous physicians for recommendations on procedures and hospitals--a process that relied more on the patient's trust of the physician than on facts, and resulted in skyrocketing medical costs. Newly emerging MCOs have tried to solve the shopping problem by tracking the performance of care providers while obtaining discounts for their clients. Many observers accuse MCOs of caring more about cost than quality, and argue for government regulation. Dranove, however, believes that market forces can eventually achieve quality care and cost control. But first, MCOs must improve their ways of measuring provider performance, medical records must be made more complete and accessible (a task that need not compromise patient confidentiality), and patients must be willing to seek and act on information about the best care available. Dranove argues that patients can regain confidence in the medical system, and even come to trust MCOs, but they will need to rely on both their individual doctors and their own consumer awareness.
Author: W. Brian Arthur
Author: W. Brian Arthur
Author: Santa Fe Instit
Author: W. Brian Arthur
Author: W. BRIAN. ARTHUR
Author: Michael Jacobs
Author: Eric D. Beinhocker
Author: David S. Wilson
Author: W. Brian Arthur
Author: Elizabeth Garnsey
Author: David Dranove