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Economic Evolution and Structural Adjustment - Proceedings of Invited Sessions on Economic Evolution and Structural Change Held at the 5th International Conference on Mathematical Modelling at the University of California, Berkeley, California, USA July 29-31, 1985 (Paperback)
Loot Price: R1,605
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Economic Evolution and Structural Adjustment - Proceedings of Invited Sessions on Economic Evolution and Structural Change Held at the 5th International Conference on Mathematical Modelling at the University of California, Berkeley, California, USA July 29-31, 1985 (Paperback)
Series: Lecture Notes in Economics and Mathematical Systems, 293
Expected to ship within 10 - 15 working days
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Since the beginning of the fifties, the ruling paradigm in the
discipline of economics has been that of a competitive general
equilibrium. Associated dynamic analyses have therefore been
preoccupied with the stability of this equilibrium state,
corresponding simply to studies of comparative statics. The need to
permeate the boundaries of this paradigm in order to open up new
pathways for genuine dynamic analysis is now pressing. The
contributions contained in this volume spring from this very
ambition. A growing circle of economists have recently been
inspired by two distinct but complementary sources: (i) the
pathbreaking work of Joseph Schumpeter, and (ii) recent
contributions to physics, chemistry and theoretical biology. It
turns out that problems which are firmly rooted in the economic
discipline, such as innovation, technological change, business
cycles and economic development, contain many clear parallels with
phenomena from the natural sciences such as the slaving principle,
adiabatic elimination and self-organization. In such dynamic
worlds, adjustment processes and adaptive behaviour are modelled
with the aid of the mathematical theory of nonlinear dynamical
systems. The dynamics is defined for a much wider set of conditions
or states than simply a set of competitive equilibria. A common
objective is to study and classify ways in which the qualitative
properties of each system change as the parameters describing the
system vary.
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