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Economics - Economic Growth | Evolvodynamics - The Mathematical Theory of Economic Evolution - A Coherent Way of Interpreting

Evolvodynamics - The Mathematical Theory of Economic Evolution

A Coherent Way of Interpreting Time, Scarceness, Value and Economic Growth

Wallast, Len H.

2013, VIII, 279 p. 23 illus.

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  • ​Innovative universal macro-economic theory that avoids the flaws of orthodox economic theory
  • Provides for consistent dynamic explanation of many observed economic phenomena
  • Bridges the gap between biologic and economic evolution
  • Step by step approach to explain the mathematics and the consequences to which the mathematical results lead​
​​Dissatisfied with the flaws of orthodox economics, the author proposes to base economic theory on the three principles of Darwinian evolution (variation, inheritance, selection). Pursuing a suggestion of E.T. Jaynes of 1991, the innovation is in treating economic behavior as chance events of selection. This involves abandoning the methods of mainstream economics and to apply instead the methods by which Claude E. Shannon analyzed information transport over a stationary channel. As economic processes are non-stationary, the author clarifies first how the Shannon-system must be reshaped in a system capable to describe economic evolution mathematically. As economic processes are non-stationary, the author first clarifies how the Shannon system must be reshaped into one capable of describing economic evolutions mathematically. Deriving the universal relations between input, output, the economic growth rate, inflation and money flow involves applying differential sets of selection, Venn diagrams, bitpulses as units of selection and the probability distributions of  bitpulses. This is a thought-provocative and highly informative book of which the explanatory power goes far beyond that of traditional economics. It should be on the readers list of everyone concerned with the weal and woe of economic theorizing.

Content Level » Research

Keywords » Darwin - Dynamic Economic Selection - Economic Evolution - Entropy - Shannon

Related subjects » Applications - Complexity - Economic Growth - Economic Theory - Macroeconomics / Monetary Economics / Growth

Table of contents 

Darwin- and Shannon-Inspired Dynamic Economic Selection.- Sets of Entropy, Selection, Venn Diagrams and Bitpulses.- The Road from Generalized Darwinism to Evolvodynamics.- Exchange and the Circulation of Entropy.- The Interpretation of the Economic Variables.- Money and Liquidity, Time, Work and Effectiveness.- Calculation.- Theory and Confirmation.- Appendices.

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