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This book systematically provides a prospective integrated approach
for complexity social science in its view of statistical physics
and mathematics, with an impressive collection of the knowledge and
expertise of leading researchers from all over the world. The book
mainly covers both finitary methods of statistical equilibrium and
data-driven analysis by econophysics. The late Professor Masanao
Aoki of UCLA, who passed away at the end of July 2018, in his later
years dedicated himself to the reconstruction of macroeconomics
mainly in terms of statistical physics. Professor Aoki, who was
already an IEEE fellow, was also named an Econometric Society
Fellow in 1979. Until the early 1990s, however, his contributions
were focused on the new developments of a novel algorithm for the
time series model and their applications to economic data. Those
contributions were undoubtedly equivalent to the Nobel
Prize-winning work of Granger's "co-integration method". After the
publications of his New Approaches to Macroeconomic Modeling and
Modeling Aggregate Behavior and Fluctuations in Economics, both
published by Cambridge University Press, in 1996 and 2002,
respectively, his contributions rapidly became known and spread
throughout the field. In short, these new works challenged
econophysicists to develop evolutionary stochastic dynamics,
multiple equilibria, and externalities as field effects and
revolutionized the stochastic views of interacting agents. In
particular, the publication of Reconstructing Macroeconomics, also
by Cambridge University Press (2007), in cooperation with Hiroshi
Yoshikawa, further sharpened the process of embodying "a
perspective from statistical physics and combinatorial stochastic
processes" in economic modeling. Interestingly, almost concurrently
with Prof. Aoki's newest development, similar approaches were
appearing. Thus, those who were working in the same context around
the world at that time came together, exchanging their results
during the past decade. In memory of Prof. Aoki, this book has been
planned by authors who followed him to present the most advanced
outcomes of his heritage.
This book systematically provides a prospective integrated approach
for complexity social science in its view of statistical physics
and mathematics, with an impressive collection of the knowledge and
expertise of leading researchers from all over the world. The book
mainly covers both finitary methods of statistical equilibrium and
data-driven analysis by econophysics. The late Professor Masanao
Aoki of UCLA, who passed away at the end of July 2018, in his later
years dedicated himself to the reconstruction of macroeconomics
mainly in terms of statistical physics. Professor Aoki, who was
already an IEEE fellow, was also named an Econometric Society
Fellow in 1979. Until the early 1990s, however, his contributions
were focused on the new developments of a novel algorithm for the
time series model and their applications to economic data. Those
contributions were undoubtedly equivalent to the Nobel
Prize-winning work of Granger's "co-integration method". After the
publications of his New Approaches to Macroeconomic Modeling and
Modeling Aggregate Behavior and Fluctuations in Economics, both
published by Cambridge University Press, in 1996 and 2002,
respectively, his contributions rapidly became known and spread
throughout the field. In short, these new works challenged
econophysicists to develop evolutionary stochastic dynamics,
multiple equilibria, and externalities as field effects and
revolutionized the stochastic views of interacting agents. In
particular, the publication of Reconstructing Macroeconomics, also
by Cambridge University Press (2007), in cooperation with Hiroshi
Yoshikawa, further sharpened the process of embodying "a
perspective from statistical physics and combinatorial stochastic
processes" in economic modeling. Interestingly, almost concurrently
with Prof. Aoki's newest development, similar approaches were
appearing. Thus, those who were working in the same context around
the world at that time came together, exchanging their results
during the past decade. In memory of Prof. Aoki, this book has been
planned by authors who followed him to present the most advanced
outcomes of his heritage.
This book explains how standard micro-founded macroeconomics is
misguided and proposes an alternative method based on statistical
physics. The Great Recession following the bankruptcy of Lehman
Brothers in September 2015 amply demonstrated that mainstream
micro-founded macroeconomics was in trouble. The new approach
advanced in this book reasonably explains important macro-problems
such as employment, business cycles, growth, and
inflation/deflation. The key concept is demand failures, which
modern micro-founded macroeconomics has ignored. "It (Chapter 3)
captures analytically a good part of the intuition that underlies
the Keynesian economics of people like Tobin and me." Robert Solow,
Emeritus Institute Professor of Economics, Massachusetts Institute
of Technology, Nobel Laureate in Economics, 1987 "Professor Hiroshi
Yoshikawa provides a unique synthesis of statistical physics and
macro-economic theory in order to confront the dismal failure in
economics and in finance to understand how an economy or a
financial market works, given the heterogeneous decision making of
many different individual interacting actors. Economics has failed
in this regard with the naive and often misleading concept of
"representative agents." The author presents many insights on the
historical development, concepts, and errors made by the most
illustrious economists in the past. This book should be essential
readings for any economics students as well as academic researchers
and policy makers, who should learn to bring back good-sense
thinking in their impactful decisions." Didier Sornette, Professor
on the Chair of Entrepreneurial Risks at the Swiss Federal
Institute of Technology Zurich (ETH Zurich)
In this book, the authors treat macroeconomic models as composed of
large numbers of micro-units or agents of several types and
explicitly discuss stochastic dynamic and combinatorial aspects of
interactions among them. In mainstream macroeconomics sound
microfoundations for macroeconomics have meant incorporating
sophisticated intertemporal optimization by representative agents
into models. Optimal growth theory, once meant to be normative, is
now taught as a descriptive theory in mainstream macroeconomic
courses. In neoclassical equilibria flexible prices led the economy
to the state of full employment and marginal productivities are all
equated. Professors Aoki and Yoshikawa contrariwise show that such
equilibria are not possible in economies with a large number of
agents of heterogeneous types. They employ a set of statistical
dynamical tools via continuous-time Markov chains and statistical
distributions of fractions of agents by types available in the new
literature of combinatorial stochastic processes, to reconstruct
macroeconomic models.
Econophysics is an emerging interdisciplinary field that takes
advantage of the concepts and methods of statistical physics to
analyse economic phenomena. This book expands the explanatory scope
of econophysics to the real economy by using methods from
statistical physics to analyse the success and failure of
companies. Using large data sets of companies and income-earners in
Japan and Europe, a distinguished team of researchers show how
these methods allow us to analyse companies, from huge corporations
to small firms, as heterogeneous agents interacting at multiple
layers of complex networks. They then show how successful this
approach is in explaining a wide range of recent findings relating
to the dynamics of companies. With mathematics kept to a minimum,
the book is not only a lively introduction to the field of
econophysics but also provides fresh insights into company
behaviour.
Econophysics is an emerging interdisciplinary field that takes
advantage of the concepts and methods of statistical physics to
analyse economic phenomena. This book expands the explanatory scope
of econophysics to the real economy by using methods from
statistical physics to analyse the success and failure of
companies. Using large data sets of companies and income-earners in
Japan and Europe, a distinguished team of researchers show how
these methods allow us to analyse companies, from huge corporations
to small firms, as heterogeneous agents interacting at multiple
layers of complex networks. They then show how successful this
approach is in explaining a wide range of recent findings relating
to the dynamics of companies. With mathematics kept to a minimum,
the book is not only a lively introduction to the field of
econophysics but also provides fresh insights into company
behaviour.
The authors treat macroeconomic models as composed of large numbers
of micro-units or agents of several types, and explicitly discuss
stochastic dynamic and combinatorial aspects of interactions among
them. In mainstream macroeconomics sound microfoundations for
macroeconomics has meant incorporating sophisticated intertemporal
optimization by representative agents into models. Optimal growth
theory, once meant to be normative, is now taught as a descriptive
theory in mainstream macroeconomic courses. In neoclassical
equilibria flexible prices led the economy to the state of full
employment and marginal productivities are all equated. Professors
Aoki and Yoshikawa contrariwise show that such equilibria are not
possible in economies with a large number of agents of
heterogeneous types. The authors treat equilibria as statistical
distributions and not as fixed points. They employ a set of
statistical dynamical tools via continuous-time Markov chains, and
statistical distributions of fractions of agents by types available
in the new literature of combinatorial stochastic processes, to
reconstruct macroeconomic models.
This book proposes a new approach to macroeconomics which draws
upon the experience of the Japanese economy. the approach is
similar to the Old Keynesian view: it rejects the Walrasian
approach, and singles out real demand as the fundamental
determinant of output in the economy as a whole. However, by
maintaining that real demand constrains are important not only in
the short-run, but in the long-run, it goes beyond what is normally
understood as the Keynesian approach. This book is also very
different from the New Keynesian Economics. In particular, it
regards the rigidity of nominal wages/prices as of secondary
importance. _ To show that a new approach is called for, Professor
Yoshikawa provides both theoretical exercises and numerous
empirical analyses of the Japanese economy. His arguments are
extensivley illustrated by almost 200 figures and tables of data.
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