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Economic Complexity and Equilibrium Illusion: Essays on market instability and macro vitality (Routledge Frontiers of Political Economy)

Economic Complexity and Equilibrium Illusion: Essays on market instability and macro vitality (Routledge Frontiers of Political Economy) Authors:
Publisher:
Year:2010
Serie:
Pages:400
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Price:14240 rub.
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Book Summary:
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. The chapters are selected from works completed since 1987, including original research on evolutionary dynamics of division of labor, 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 challenging by solid...

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