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Complex Economics
The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, ...
Complexity and Evolution
An exploration of how approaches that draw on evolutionary theory and complexity science can advance our understanding of economics. Two widely heralded yet contested approaches to economics have emerged in recent years: one emphasizes evolutionary theory in terms of individuals and institutions; the other views economies as complex adaptive systems. In this book, leading scholars examine these two bodies of theory, exploring their possible impact on economics. Relevant concepts from evolutionary theory drawn on by the contributors include the distinction between proximate and ultimate causation, multilevel selection, cultural change as an evolutionary process, and human psychology as a prod...
Introduction to Equilibrium Analysis
Advanced Textbooks in Economics, Volume 6: Introduction to Equilibrium Analysis: Variations on Themes by Edgeworth and Walras focuses on the approaches developed and instituted by Edgeworth and Walras in the study of equilibrium analysis. The book first underscores exchange economies, core of a game, and large economies. Discussions focus on economies with a continuum of agents, Walras equilibrium, prices and demand, balancedness, and commodity space. The manuscript then ponders on limit theorems for the core and existence of competitive equilibria. Topics include equilibria without convexity of preferences, existence of equilibria for economies with convex preferences, individual demand, emergence of prices, asymptotic equal treatment for most, uniform boundedness of core allocations, and limit theorems for type and replica economies. The publication examines continuous, upper, and lower hemi-continuous correspondences, fixed point theorems, and separation of convex sets. The book is a vital source of data for economists and researchers interested in equilibrium analysis.
Beyond the Representative Agent
The authors argue for an approach to economic analysis which regards the economy as an interactive system with heterogenous agents and not a system which treats aggregates as some representative individual. They then apply this approach to macro- and micro-analyses including monetary policy and firms, technological innovation and the insider-outsider model. They find that this approach proves more fruitful in explaining empirical phenomena than much of the existing theory.
The Evolution of Economic Institutions
This volume documents in a unique manner the momentum the institutionalist, evolutionary research agenda has regained over the past two decades. The thought-provoking contributions come from prominent authors with a rather heterogeneous theoretical background. Nonetheless, they all convene in elaborating on issues that have always been at the core of the institutionalist agenda and show how these issues relate to cutting edge research in modern economics. Ulrich Witt, Max Planck Institute of Economics, Jena, Germany This excellent EAEPE Reader brings together a range of perspectives on the role of institutions in economics. It is very well structured, with parts on microeconomics, macroecono...
Elements of General Equilibrium Analysis
The General Equilibrium Model, developed over the last century and now referred to as the Arrow-Debreu Model, provides the basis for the great majority of modern economic models. A thorough familiarity with its structure is indispensable for every serious economist. Elements of General Equilibrium Analysis provides a clear and precise explanation of various aspects of the model, each of which is analysed by a leading authority in the field, including Gerard Debreu, Timothy Kehoe, Herbert Scarf, Jean-Jacques Herings, Thorsten Hens, Peter Hammond, Werner Hildenbrand and Alan Kirman. This book provides a concise account of basic concepts together with an analysis of recent developments and is aimed at final year undergraduate and graduate students, and at all economists interested in an authoritative account of the foundations of modern history.
The End of Getting Lost
"Gina Reinhold and Duncan Lowy, a young couple of creatives, madly in love, traveling around Europe for their honeymoon. Or, Gina thinks it's her honeymoon--that's what Duncan has told her. She's just suffered a head injury while exploring the ruins of the Berlin Wall and now she can't remember the last year of her life. She can't even remember her mysterious accident, only waking up in the hospital with, thankfully, her beloved and doting Duncan by her side, ready to whisk her away to explore the world's most romantic locales. But in reality, Gina hasn't seen or spoken to Duncan in months. So why--and how--is he suddenly standing vigil at her bedside, miles from home and anyone they know? They seem madly in love now, but for how long can Duncan keep this charade alive, and how far will he go to keep Gina's past hidden from her"--
Kirman and the Qajar Empire
Despite its apparently peripheral location in the Qajar Empire, Kirman was frequently found at the centre of developments reshaping Iran in the 19th century. Over the Qajar period the region saw significant changes, as competition between Kirmani families rapidly developed commercial cotton and opium production and a world renowned carpet weaving industry, as well as giving strength to radical modernist and nationalist agitation in the years leading up to the 1906 Constitutional Revolution. Kirman and the Qajar Empire explores how these Kirmani local elites mediated political, economic, and social change in their community during the significant transitional period in Iran’s history, from ...
Complexity and the Economy
The internationally-renowned contributors to this book examine the causes and consequences of complexity among the broadly economic phenomena of firms, industries and socio-economic policy. They make a valuable contribution to the increasingly prominent subject of complexity, especially for those whose interests include evolutionary, behavioral, political and social approaches to understanding economics and economic phenomena.
The Economy as a Complex Spatial System
This book is open access under a CC BY-NC 4.0 license. This collected volume represents the final outcome of the COST Action IS1104 “The EU in the new complex geography of economic systems: models, tools and policy evaluation”. Visualizing the EU as a complex and multi-layered network, the book is organized in three parts, each of them dealing with a different level of analysis: At the macro-level, Part I considers the interactions within large economic systems (regions or countries) involving trade, workers migration, and other factor movements. At the meso-level, Part II discusses interactions within specific but wide-ranging markets, with a focus on financial markets and banking systems. Lastly, at the micro-level, Part III explores the decision-making of single firms, especially in the context of location decisions.
