Microfoundations of Evolutionary Economics by Yoshinori ShiozawaMicrofoundations of Evolutionary Economics by Yoshinori Shiozawa

Microfoundations of Evolutionary Economics

byYoshinori Shiozawa, Kazuhisa Taniguchi, Masashi Morioka

Hardcover | November 11, 2018

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This book provides for the first time the microfoundations of evolutionary economics. It enables the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent economics must contain a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it did not have its own value theory and could not explain the workings of everyday economics processes, in which any evolutionary processes would take place. Our point of departure is myopic agents with strongly limited rationality and forecasting capacities (in extreme contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and observe how they can adjust their productions to the changes of demand flows. Agents behave without knowledge of the total process and they generate a stable economy as large as the global network of exchanges. This is a true wonder of the market mechanism. In contrast to mainstream general equilibrium theory, this wonder is finely explained without the help of an auctioneer or the concepts of demand and supply functions. With this book, evolutionary economics can claim to be an independent economics that can totally replace mainstream neoclassical economics.
Title:Microfoundations of Evolutionary EconomicsFormat:HardcoverDimensions:200 pages, 23.5 × 15.5 × 0.03 inPublished:November 11, 2018Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:4431552669

ISBN - 13:9784431552666

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Table of Contents

Chap. 1 Micro foundations of evolutionary economics.- Chap. 2 Classical value theory of the 21st century.- Chap. 3 Fundamental framework of quantity adjustment process.- Chap. 4 Linear adjustment process of quantities.- Chap. 5 Non-linear adjustment process of quantities.- Chap. 6 Prerequisites and Limits of Quantity Adjustment.- Chap. 7 Simulation of hierarchical-structure quantitative adjustment economies.