Microfoundations of Evolutionary Economics

Business & Finance, Economics, Theory of Economics
Cover of the book Microfoundations of Evolutionary Economics by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi, Springer Japan
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi ISBN: 9784431552673
Publisher: Springer Japan Publication: June 27, 2019
Imprint: Springer Language: English
Author: Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
ISBN: 9784431552673
Publisher: Springer Japan
Publication: June 27, 2019
Imprint: Springer
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Springer Japan

Cover of the book Immunopharmacogenomics by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Arsenic Mitigation in Rural Bangladesh by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Polyamines by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Tensegrity Structures by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Macroeconomics, Trade, and Social Welfare by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Operative Treatment of Pelvic Tumors by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Neuroanesthesia and Cerebrospinal Protection by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Large A.C. Machines by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book TGF-β in Human Disease by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Emotions of Animals and Humans by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Ecology of Leaf Longevity by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Computational Anatomy Based on Whole Body Imaging by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Idiopathic Pulmonary Fibrosis by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Progress in Geospatial Analysis by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
Cover of the book Hometown Investment Trust Funds by Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy