LEADER 04839oam 2200709I 450 001 9910792424903321 005 20230725023221.0 010 $a1-136-99487-4 010 $a1-136-99488-2 010 $a1-282-58962-8 010 $a9786612589621 010 $a0-203-85505-1 024 7 $a10.4324/9780203855058 035 $a(CKB)2670000000013786 035 $a(EBL)496336 035 $a(OCoLC)609858976 035 $a(SSID)ssj0000359139 035 $a(PQKBManifestationID)11259328 035 $a(PQKBTitleCode)TC0000359139 035 $a(PQKBWorkID)10383633 035 $a(PQKB)11697953 035 $a(MiAaPQ)EBC496336 035 $a(Au-PeEL)EBL496336 035 $a(CaPaEBR)ebr10382436 035 $a(CaONFJC)MIL258962 035 $a(OCoLC)647917727 035 $a(EXLCZ)992670000000013786 100 $a20180706d2010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEconomic complexity and equilibrium illusion $eessays on market instability and macro vitality /$fChen Ping 210 1$aLondon ;$aNew York :$cRoutledge,$d2010. 215 $a1 online resource (401 p.) 225 0 $aRoutledge frontiers of political economy Economic complexity and equilibrium illusion 300 $aDescription based upon print version of record. 311 $a0-415-74684-1 311 $a0-415-55475-6 320 $aIncludes bibliographical references and indexes. 327 $aBook Cover; Title; Copyright; Contents; Figures; Tables; Preface; Acknowledgments; Abbreviations; Symbols; 1 Introduction; Part I: Methodological review: Economic complexity, equilibrium illusion, and evolutionary dynamics; 2 Equilibrium illusion, economic complexity, and evolutionary foundation in economic analysis; 3 Evolutionary economic dynamics: Persistent cycles, disruptive technology, and the trade-off between stability and complexity; Part II: Macro vitality: Trend-cycle separation, economic chaos, and persistent cycles; 4 Empirical and theoretical evidence of economic chaos 327 $a5 Searching for economic chaos: A challenge to econometric practice and nonlinear tests6 A random walk or color chaos on the stock market? Time-frequency analysis of S&P indexes; 7 Trends, shocks, persistent cycles in evolving economy: Business-cycle measurement in time-frequency representation; Part III: Micro interaction and population dynamics: Learning, communication, and market share competition; 8 Origin of division of labor and stochastic mechanism of differentiation; 9 Imitation, learning, and communication: Central or polarized patterns in collective actions 327 $a10 Needham's question and China's evolution: Cases of nonequilibrium social transition11 China's challenge to economic orthodoxy: Asian reform as an evolutionary, self-organizing process; Part IV: Equilibrium illusion and meso foundation: Perpetual motion machine, representative agents, and organization diversity; 12 The Frisch model of business cycles: A spurious doctrine, but a mysterious success; 13 Microfoundations of macroeconomic fluctuations and the laws of probability theory: The Principle of Large Numbers vs. rational expectations arbitrage 327 $a14 Complexity of transaction costs and evolution of corporate governancePart V: Market instability, natural experiments, and government policy; 15 Market instability and economic complexity: Theoretical lessons from transition experiments; 16 From an efficient to a viable international financial market; Epilogue; Notes; References; Index 330 $aThe Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying econom 410 0$aRoutledge frontiers of political economy ;$v130. 606 $aEquilibrium (Economics)$xMathematical models 606 $aBusiness cycles$xMathematical models 606 $aEvolutionary economics 615 0$aEquilibrium (Economics)$xMathematical models. 615 0$aBusiness cycles$xMathematical models. 615 0$aEvolutionary economics. 676 $a339.5 700 $aChen$b Ping$f1944-,$01505990 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910792424903321 996 $aEconomic complexity and equilibrium illusion$93735963 997 $aUNINA