LEADER 04562nam 22006135 450 001 9910337681703321 005 20200702213925.0 024 7 $a10.1007/978-4-431-55267-3 035 $a(CKB)4100000008525564 035 $a(DE-He213)978-4-431-55267-3 035 $a(MiAaPQ)EBC5802506 035 $a(EXLCZ)994100000008525564 100 $a20190627d2019 u| 0 101 0 $aeng 135 $aurnn|008mamaa 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aMicrofoundations of Evolutionary Economics /$fby Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi 205 $a1st ed. 2019. 210 1$aTokyo :$cSpringer Japan :$cImprint: Springer,$d2019. 215 $a1 online resource (XVIII, 346 p. 498 illus., 15 illus. in color.) 225 1 $aEvolutionary Economics and Social Complexity Science,$x2198-4204 ;$v15 311 $a4-431-55266-9 311 $a4-431-55267-7 327 $aChapter 1: Microfoundations of Evolutionary Economics -- Chapter 2: A large Economic System with Minimally Rational Agents -- Chapter 3: The Basic Theory of Quantity Adjustment -- Chapter 4: Dynamic Properties of Quantity Adjustment Process under Demand Forecast Formed by a Moving Average of Past Demands -- Chapter 5: Extensions of Model Analysis of the Quantity Adjustment Process in Several Directions -- Chapter 6: Significance of Non-Linearity and Many Goods Models -- Chapter 7: Exchange and Arbitrage: Price, Evaluation and the Principle of Exchange. 330 $aThis book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place. Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true ?miracle? of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics. 410 0$aEvolutionary Economics and Social Complexity Science,$x2198-4204 ;$v15 606 $aEconomic theory 606 $aEconomic policy 606 $aEconomics 606 $aMicroeconomics 606 $aEconomic history 606 $aEconomic Theory/Quantitative Economics/Mathematical Methods$3https://scigraph.springernature.com/ontologies/product-market-codes/W29000 606 $aPolitical Economy/Economic Systems$3https://scigraph.springernature.com/ontologies/product-market-codes/W46000 606 $aMicroeconomics$3https://scigraph.springernature.com/ontologies/product-market-codes/W31000 606 $aHistory of Economic Thought/Methodology$3https://scigraph.springernature.com/ontologies/product-market-codes/W28000 615 0$aEconomic theory. 615 0$aEconomic policy. 615 0$aEconomics. 615 0$aMicroeconomics. 615 0$aEconomic history. 615 14$aEconomic Theory/Quantitative Economics/Mathematical Methods. 615 24$aPolitical Economy/Economic Systems. 615 24$aMicroeconomics. 615 24$aHistory of Economic Thought/Methodology. 676 $a330.1 700 $aShiozawa$b Yoshinori$4aut$4http://id.loc.gov/vocabulary/relators/aut$0979417 702 $aMorioka$b Masashi$4aut$4http://id.loc.gov/vocabulary/relators/aut 702 $aTaniguchi$b Kazuhisa$4aut$4http://id.loc.gov/vocabulary/relators/aut 906 $aBOOK 912 $a9910337681703321 996 $aMicrofoundations of Evolutionary Economics$92232925 997 $aUNINA