Economic Complexity and Equilibrium Illusion

Essays on Market Instability and Macro Vitality

Business & Finance, Economics, Theory of Economics
Cover of the book Economic Complexity and Equilibrium Illusion by , Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: ISBN: 9781136994876
Publisher: Taylor and Francis Publication: April 5, 2010
Imprint: Routledge Language: English
Author:
ISBN: 9781136994876
Publisher: Taylor and Francis
Publication: April 5, 2010
Imprint: Routledge
Language: English

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.

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

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.

More books from Taylor and Francis

Cover of the book Climate Change Discourse in Russia by
Cover of the book The Mental Basis of Responsibility by
Cover of the book Alaturka: Style in Turkish Music (1923–1938) by
Cover of the book Mamvu-Mangutu et Balese-Mvuba by
Cover of the book Projecting the Adjective by
Cover of the book Selective Mutism (Psychology Revivals) by
Cover of the book UN Convention on the Law of the Sea and the South China Sea by
Cover of the book Issues in Educational Drama (1983) by
Cover of the book Kierkegaard's Upbuilding Discourses by
Cover of the book From Manual Workers to Wage Laborers by
Cover of the book The Routledge Handbook of the Politics of Migration in Europe by
Cover of the book Applied Exercise Psychology by
Cover of the book Pathways to Excessive Gambling by
Cover of the book On Knowing and Not Knowing in the Anthropology of Medicine by
Cover of the book Technical Foundations for Measuring Ego Development by
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