Lecture Notes in Economics and Mathematical Systems
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Economic Evolution and Equilibrium

Bridging the Gap

Authors: Lehmann-Waffenschmidt, Marco

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About this book

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- tions. To be sure, there have been attempts to reconceptualize the notion of equilibrium from the evolutionary viewpoint. However, these proposals also appear, in one way or another, to hinge on the ideas of rest. This parti- larly applies to the branch of nonlinear dynamics and deterministic chaotic motion.

Table of contents (21 chapters)

Table of contents (21 chapters)
  • General Introduction

    Pages 1-11

  • Notations and Mathematical Preliminaries

    Pages 13-24

  • Introduction to Part I

    Pages 27-28

  • Evolutions in the Traditional Walrasian Exchange Equilibrium Framework

    Pages 29-40

  • Evolutions in an Exchange Equilibrium Framework Without Walras’ Law and Homogeneity

    Pages 41-59

Buy this book

eBook $89.00
price for USA in USD (gross)
  • ISBN 978-3-540-68664-4
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $119.99
price for USA in USD
  • ISBN 978-3-540-68662-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Economic Evolution and Equilibrium
Book Subtitle
Bridging the Gap
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
591
Copyright
2007
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-540-68664-4
DOI
10.1007/978-3-540-68664-4
Softcover ISBN
978-3-540-68662-0
Series ISSN
0075-8442
Edition Number
1
Number of Pages
VIII, 272
Number of Illustrations
75 b/w illustrations
Topics