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Evolutionary Economics and Social Complexity Science

Microfoundations of Evolutionary Economics

Authors: Shiozawa, Yoshinori, Morioka, Masashi, Taniguchi, Kazuhisa

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  • ​Presents the first microfoundation book for evolutionary economics
  • Shows how myopic agents with limited rationality can generate plausible adjustment processes in the economy
  • Clarifies how the market mechanism works without an auctioneer and without concepts of demand and supply functions
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eBook $89.00
price for USA in USD (gross)
  • ISBN 978-4-431-55267-3
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $119.99
price for USA in USD
  • ISBN 978-4-431-55266-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

This book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place.

Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true “miracle” of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics.

About the authors

Yoshinori Shiozawa: BSc (Kyoto University), MSc (Kyoto University), DEA (University of Nice). Worked as a Research Associate at the Department of Mathematics and at the Institute of Economic Research, Kyoto University, (Associate and Full) Professor at the Department of Economics and Graduate School for Creative Cities, Osaka City University, and Professor at the Department of Commerce, Chuo University. He was also the second President of the Japan Association for Evolutionary Economics. He is currently a Professor Emeritus (Osaka City University) and Fellow of the Japan Association for Evolutionary Economics. He was awarded the Suntory Prize for Social Sciences and Humanities in 1992 and the JAFEE Prize in 2016.

Masashi Morioka: BA, MA and PhD (Economics, all from Kyoto University). He is a member of the Japan Association for Evolutionary Economics and an associate editor of the Evolutionary and Institutional Economic Review. He is currently a Professor at the Faculty of International Relations, Ritsumeikan University.

Kazuhisa Taniguchi: BSc (Ritsumeikan University), PhD (Economics, Osaka Prefecture University). Worked as (an Associate and Full) Professor at the Faculty of Economics, Osaka Sangyo University, and as a Professor at the Faculty of Economics and Graduate School of Economics, Kindai University. He is currently a member of the Japan Association for Evolutionary Economics and a Lecturer (part-time) at Kindai University.

Table of contents (7 chapters)

Table of contents (7 chapters)
  • Microfoundations of Evolutionary Economics

    Pages 1-52

    Shiozawa, Yoshinori (et al.)

  • A Large Economic System with Minimally Rational Agents

    Pages 53-138

    Shiozawa, Yoshinori (et al.)

  • The Basic Theory of Quantity Adjustment

    Pages 139-194

    Shiozawa, Yoshinori (et al.)

  • Dynamic Properties of Quantity Adjustment Process Under Demand Forecast Formed by Moving Average of Past Demands

    Pages 195-255

    Shiozawa, Yoshinori (et al.)

  • Extensions of Model Analysis of the Quantity Adjustment Process in Several Directions

    Pages 257-289

    Shiozawa, Yoshinori (et al.)

Buy this book

eBook $89.00
price for USA in USD (gross)
  • ISBN 978-4-431-55267-3
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $119.99
price for USA in USD
  • ISBN 978-4-431-55266-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Microfoundations of Evolutionary Economics
Authors
Series Title
Evolutionary Economics and Social Complexity Science
Series Volume
15
Copyright
2019
Publisher
Springer Japan
Copyright Holder
Springer Japan KK, part of Springer Nature
eBook ISBN
978-4-431-55267-3
DOI
10.1007/978-4-431-55267-3
Hardcover ISBN
978-4-431-55266-6
Series ISSN
2198-4204
Edition Number
1
Number of Pages
XVIII, 346
Number of Illustrations
483 b/w illustrations, 15 illustrations in colour
Topics