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Economic Evolution and Equilibrium: Bridging the Gap (Lecture Notes in Economics and Mathematical Systems, 591) by Professor Dr. Marco Lehmann-Waffenschmidt (auth.) is a nonfiction available to read on EtoBox.

What is Economic Evolution and Equilibrium: Bridging the Gap (Lecture Notes in Economics and Mathematical Systems, 591) about?

theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to the common reproach that economic theory is predominantly concerned with the question of ‘how the economic system ought to behave’ rather than with the question of ‘how does it behave actually’. This is the point at which the new branch of evolutionary economics has made its entrance. In contrast to growth or business cycle theory, evolutionary economics perceives the evolution of the economic system as essentially “open” to true novelties that are unforeseeable by their very nature. This view clearly makes obsolete any conception of equilibrium that resorts to the idea of a ?nal state of rest, or to the idea of an intertemporally optimizing trajectory which is prespeci?ed ab initio by a system of di?erential equations and initial con- t

Who reads Economic Evolution and Equilibrium: Bridging the Gap (Lecture Notes in Economics and Mathematical Systems, 591)?

Author

Professor Dr. Marco Lehmann-Waffenschmidt (auth.)

Publisher

Springer-Verlag Berlin Heidelberg

Published

2007

Language

EN

ISBN

9783540686620

Category

nonfiction

Subjects

Economics, Mathematics, Engineering