Nonergodic Economic Growth

Nonergodic Economic Growth

Author: Steven N. Durlauf

Publisher:

Published: 1991

Total Pages: 70

ISBN-13:

DOWNLOAD EBOOK

This paper explores the role of complementarities and coordination failure in economic growth. We analyze the evolution composed of a countable set of infinitely-lived heterogenous industries. Individual industries exhibit nonconvexities in production and are linked across time through localized technological complementarities. Each industry employs one of two production techniques. One technique is more efficient in using capital than the other, but requires the payment of a fixed capital cost. Both techniques exhibit technological complementarities in the sense that the productivity of capital invested in a technique is a function of the technique choices made by various industries the previous period. These complementarities, when strong enough, interact with incompleteness of markets to produce multiple Pareto-rankable equilibria in ling run economic activity. The equilibria have a simple probabilistic structure that demonstrates how localized coordination failures can affect the aggregate equilibrium. The model is capable of generating interesting aggregate dynamics as coordination problems become the source of aggregate volatility. Modifications of the model illustrate how leading sectors can cause a takeoff into high growth.


Handbook of Economic Growth

Handbook of Economic Growth

Author: Philippe Aghion

Publisher: Elsevier

Published: 2005-12-09

Total Pages: 1139

ISBN-13: 0080461131

DOWNLOAD EBOOK

The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement.The Handbook of Economic Growth, edited by Philippe Aghion and Steven Durlauf, with an introduction by Robert Solow, features in-depth, authoritative survey articles by the leading economists working on growth theory.Volume 1A, the first in this two volume set, covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms.Volume 1B, the second in this two volume set, covers technology, trade and geography, and growth and socio-economic development.


Economic Growth and Development

Economic Growth and Development

Author: Olivier La Grandville

Publisher: Emerald Group Publishing

Published: 2011-12-12

Total Pages: 608

ISBN-13: 1780523963

DOWNLOAD EBOOK

Since the very beginnings of economics as a science, which might be dated from Ibn Khaldun's "Introduction to History" (1377), the challenge of making societies escape from poverty and attain some degree of prosperity has always been, and can remain, a fundamental issue. This book presents research on each of these issues.


The Economics of Non-Convex Ecosystems

The Economics of Non-Convex Ecosystems

Author: Partha Dasgupta

Publisher: Springer Science & Business Media

Published: 2006-04-11

Total Pages: 192

ISBN-13: 1402025157

DOWNLOAD EBOOK

Economists often assume that ecosystem and population dynamics are subject to convex, even linear processes. But research by ecosystem and population ecologists suggests that such processes are very often non-convex, for example a possible flip of the Gulf Stream due to fresh water intrusion from melting glaciers. This has dramatic implications for environmental and resource economics, since mistakes in management could prove more costly than imagined.


Puzzles of Economic Growth

Puzzles of Economic Growth

Author: Leszek Balcerowicz

Publisher: World Bank Publications

Published: 2014-12-03

Total Pages: 355

ISBN-13: 1464803269

DOWNLOAD EBOOK

By comparing countries like Venezuela and Chile, China and India, Dominican Republic and Haiti, and others, the book tries to answer the questions of which institutions and policies are crucial for stable long term economic growth.


The Economy As an Evolving Complex System, III

The Economy As an Evolving Complex System, III

Author: Lawrence E. Blume

Publisher: Oxford University Press

Published: 2006

Total Pages: 396

ISBN-13: 9780195162592

DOWNLOAD EBOOK

Derived from the 2001 Santa Fe Institute Conference, "The Economy as an Evolving Complex System III" addresses a wide variety of issues in the fields of economics and complexity, accessing eclectic techniques from many disciplines, provided that they shed light on the economic problem. The subject, a perennial centerpiece of the SFI program of studies, has gained a wide range of followers for its methods of employing empirical evidence in the development of analytical economic theories.


The Evolution of the Non-market Economy Treatment in the Multilateral Trading System

The Evolution of the Non-market Economy Treatment in the Multilateral Trading System

Author: Bin Zhang

Publisher: Springer

Published: 2018-06-18

Total Pages: 353

ISBN-13: 9811306532

DOWNLOAD EBOOK

This book tries to integrate the different arrangements devised in the MTS for small and large NMEs into one analytical framework and explores two sets of rules (GATT/WTO-minus and GATT/WTO-plus) along three historical stages (shaping, weakening and strengthening). The focal point of this book is to uncover the composition and structure of the NME treatment in the MTS, its evolving logic and process, and the nature and trend of the political-economic relations between NMEs and the MTS.


The Foundations of Non-Equilibrium Economics

The Foundations of Non-Equilibrium Economics

Author: Sebastian Berger

Publisher: Routledge

Published: 2009-09-10

Total Pages: 214

ISBN-13: 1135256438

DOWNLOAD EBOOK

This thought-provoking volume seeks to answer some of the ultimate economic questions in terms of a theory that emerged with Adam Smith and is now come to full fruition; the principle of circular and cumulative causation (CCC) This full-fledged theoretical framework explains the whole interplay of technology, firms, resources, culture, institutions and economic policy to understand the basic drives behind modern day economic dynamics.


The Economy As An Evolving Complex System II

The Economy As An Evolving Complex System II

Author: W. Brian Arthur

Publisher: CRC Press

Published: 2018-05-04

Total Pages: 437

ISBN-13: 0429976267

DOWNLOAD EBOOK

A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.


Foundations of Economic Change

Foundations of Economic Change

Author: Andreas Pyka

Publisher: Springer

Published: 2017-11-15

Total Pages: 532

ISBN-13: 3319620096

DOWNLOAD EBOOK

The book illustrates the considerable advances in modern evolutionary economics and addresses core questions of economic behaviour, interaction of heterogeneous actors in uncertain environments and the possibility of aggregating observations on a macro-economic level. It presents the foundations of economic change as the major building blocks of an economic approach that focusses on complex processes driven by endogenous innovation as well as crisis. The theoretical considerations are complemented by econometric studies to demonstrate the relevance of evolutionary-economic thinking to improve our understanding of the most challenging issues related to economic growth and development.