Advertisement

Microfoundations of Evolutionary Economics

  • Yoshinori Shiozawa
  • Masashi Morioka
  • Kazuhisa Taniguchi
Book

Part of the Evolutionary Economics and Social Complexity Science book series (EESCS, volume 15)

Table of contents

  1. Front Matter
    Pages i-xviii
  2. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 1-52
  3. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 53-138
  4. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 139-194
  5. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 257-289
  6. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 291-323
  7. Yoshinori Shiozawa, Masashi Morioka, Kazuhisa Taniguchi
    Pages 325-346

About this book

Introduction

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.

Keywords

Evolutionary economics Micro-macro loop Microfoundation Myopic agent Quantity adjustment Stable price system

Authors and affiliations

  • Yoshinori Shiozawa
    • 1
  • Masashi Morioka
    • 2
  • Kazuhisa Taniguchi
    • 3
  1. 1.Osaka City UniversityOsakaJapan
  2. 2.College of International RelationsRitsumeikan UniversityKyotoJapan
  3. 3.Faculty of EconomicsKindai UniversityOsakaJapan

Bibliographic information

  • DOI https://doi.org/10.1007/978-4-431-55267-3
  • Copyright Information Springer Japan KK, part of Springer Nature 2019
  • Publisher Name Springer, Tokyo
  • eBook Packages Economics and Finance
  • Print ISBN 978-4-431-55266-6
  • Online ISBN 978-4-431-55267-3
  • Series Print ISSN 2198-4204
  • Series Online ISSN 2198-4212
  • Buy this book on publisher's site