Synopses & Reviews
Treating the market economy as a complex adaptive system offers a better explanation of how it works than does the mechanical analogy of neoclassical equilibrium theory. The nonlinear interactions of millions of individual human beings, coupled with the influence of chance, result in the emergence of markets. Other regularities emerge in the patterns of economic growth, business cycles and in spatial location of economic activity. The approach is shown to be congruent with Classical and Austrian theories and provides an opportunity for a unified social science.
About the Author
David Simpson is Economic Adviser to the Standard Life Assurance Company.
Table of Contents
Introduction * The Economy as a Machine * The Pretence of Knowledge * Economics and Politics * Economics and Business * From Mechanical to Biological Analogies * The Economy as a Human Complex Adaptive System * The Co-Ordination of Economic Activity * The Evolution of Economic Institutions * The Lessons of History * Patterns in Economic Activity * Adaptation in the Market Economy * Implications for Economics * Implications for Business and Government * The Future of the Market Economy Introduction * The Economy as a Machine * The Pretence of Knowledge * Economics and Politics * Economics and Business * From Mechanical to Biological Analogies * The Economy as a Human Complex Adaptive System * The Co-Ordination of Economic Activity * The Evolution of Economic Institutions * The Lessons of History * Patterns in Economic Activity * Adaptation in the Market Economy * Implications for Economics * Implications for Business and Government * The Future of the Market Economy