Economic Refinements of the Notion of an Evolution of Economies

Abstract

In this sixth Chapter we will discuss the economic content of our notion of an evolution of economies more thoroughly. In fact, there are two different interpretations of our notion of an evolution of economies possible. On the one hand one may emphasize the aspect of process. This means one puts oneself in a position of an observer who at any point of the evolution parameter interval s ε [0, 1] only knows the current state and the preceding states of the evolution which have already been passed by. In other words, the observer “lives through” the exogenously determined course of the varying economic behavior functions. Let us accordingly henceforth call an evolution which is understood in this way a course economy.