Microfoundations of Evolutionary Economics

Name: Microfoundations of Evolutionary Economics
Brand: Springer Nature
SKU: 9784431552673
Availability: InStock

Microfoundations of Evolutionary Economics

Brand

Springer Nature

Manufacturer

N/A

Part Number

GTIN

9784431552673

Condition

New

0 Reviews

0 Questions | 0 Answers

Product Description

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.

Available Colors

N/A

Available Sizes

N/A

1 Offer Price Range: $89.00 - $89.00

BEST PRICE

Single Product Purchase

$89.00

@ Link.springer.com BUY Now

Price Comparison

Seller	Contact Seller	List Price	On Sale	Shipping	Best Promo	Final Price	Volume Discount	Financing	Availability	Seller's Page
BEST PRICE 1 Product Purchase @ Link.springer.com Rate Seller This functionality is for registered users only. Go to Login/Register		$89.00	$89.00			$89.00		See Site	In stock	Visit Store