Nonlinear Dynamics and Evolutionary Economics - Hardcover

Day, Richard H.

Hardcover

ISBN 10: 0195078594 ISBN 13: 9780195078596

Publisher: Oxford University Press Inc, 1993

Synopsis

Advances in physics, computers, and mathematics have made it possible to illustrate an astonishing array of potential behavior that can occur when nonlinear interactions are present. As Prigogine explains from a physicist's perspective, the fundamental role of instability and bounded rationality provide more precise understanding for evolution and changes. This volume considers these developments from various fields in the context of economic science. The work starts with a general non-mathematical discussion, introducing the major themes--nonlinearity, dynamical systems, and evolution in economic processes. The work continues with nonlinear analysis of macroeconomic growth and fluctuations. It describes analyses of economic adaptation, learning, and self-organization. The volume also scrutinizes a specific market--equities using nonlinear analysis, controlled experiments, and statistical inference when nonlinearity plays an essential role in data generation. The volume closes with an historical reflection by Richard Goodwin and a roundtable discussion on basic issues and new challenges in nonlinear economic dynamics.

About this title

Synopsis

This volume presents a series of essays delivered at a symposium which was held at the University of Texas in 1989, concerning the emerging field of nonlinear dynamics and its application to economics.

Edition details

• Publisher: Oxford University Press Inc
• Publication date: 1993
• Language: English
• ISBN 10: 0195078594
• ISBN 13: 9780195078596
• Binding: Hardcover
• Number of pages: 351