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Economic Complexity and Equilibrium Illusion : Essays on Market Instability and Macro Vitality

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Title: Economic Complexity and Equilibrium Illusion : Essays on Market Instability and Macro Vitality
Description: The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman's theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.
Authors: Ping Chen
Resource Type: eBook.
Subjects: Equilibrium (Economics)--Mathematical models, Business cycles--Mathematical models, Evolutionary economics
Categories: BUSINESS & ECONOMICS / General, BUSINESS & ECONOMICS / Economics / General, BUSINESS & ECONOMICS / Economics / Theory
Database: eBook Collection (EBSCOhost)
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  – Type: ebook-epub
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Header DbId: nlebk
DbLabel: eBook Collection (EBSCOhost)
An: 316543
RelevancyScore: 1031
AccessLevel: 6
PubType: eBook
PubTypeId: ebook
PreciseRelevancyScore: 1031.17456054688
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  Data: Economic Complexity and Equilibrium Illusion : Essays on Market Instability and Macro Vitality
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  Data: The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman's theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.
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RecordInfo BibRecord:
  BibEntity:
    Classifications:
      – Code: 339.5
        Scheme: ddc
        Type: prePub
    Languages:
      – Code: eng
        Text: English
    Subjects:
      – SubjectFull: Equilibrium (Economics)--Mathematical models
        Type: general
      – SubjectFull: Business cycles--Mathematical models
        Type: general
      – SubjectFull: Evolutionary economics
        Type: general
    Titles:
      – TitleFull: Economic Complexity and Equilibrium Illusion : Essays on Market Instability and Macro Vitality
        Type: main
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          Name:
            NameFull: Ping Chen
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          Name:
            NameFull: Ping Chen
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          Dates:
            – D: 01
              M: 01
              Type: published
              Y: 2010
            – D: 04
              M: 02
              Type: profile
              Y: 2014
          Identifiers:
            – Type: isbn-print
              Value: 9780415554756
            – Type: isbn-print
              Value: 9780415746847
            – Type: isbn-electronic
              Value: 9781136994883
            – Type: isbn-electronic
              Value: 9781136994876
            – Type: isbn-electronic
              Value: 9781136994852
            – Type: isbn-electronic
              Value: 9780203855058
          Numbering:
            – Type: volume
              Value: 00130
          Titles:
            – TitleFull: Economic Complexity and Equilibrium Illusion : Essays on Market Instability and Macro Vitality
              Type: main
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