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An innovative feature of this book is its econocentric structure,
focusing on digital designs. From the outset, econocentrism is
assumed to be a core engine of capitalism, like money. The new
coronavirus pandemic has changed lifestyles worldwide, which are
unlikely ever to return in their original form. This great
transformation will change the nature of the socio-economic system
itself and will be centered on digital designs. At present, money
already is beginning to undergo a major revolution in that sense.
Many books dealing with digital designs and innovations have been
published, but few if any of them focus on monetary and analytical
methods in the way that this present volume does.The book then
contains 6 parts: Evolution of money and thinking complexities in
the AI era; Goods market and the future of labor market;
Computational social approaches to social dilemmas, smart city,
cryptocurrencies; Artificial market experiments; The randomness and
high frequencies in financial data; Other trading strategy issues
and the effects of AI usage. These issues may be indispensable
subjects in our age. Study these subject, and have a step forward
to the future society!
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 focuses on how important massive information is and how
sensitive outcomes are to information. In this century humans now
are coming up against the massive utilization of information in
various contexts. The advent of super intelligence is drastically
accelerating the evolution of the socio-economic system. Our
traditional analytic approach must therefore be radically reformed
in order to adapt to an information-sensitive framework, which
means giving up myopic purification and the elimination of all
considerations of massive information. In this book, authors who
have shared and exchanged their ideas over the last 20 years, offer
thorough examinations of the theoretical-ontological basis of
complex economic interaction, econophysics, and agent-based
modeling during the last several decades. This book thus provides
the indispensable philosophical-scientific foundations for this new
approach, and then moves on to empirical-epistemological studies
concerning changes in sentiments and other movements in financial
markets.
This book focuses on how important massive information is and how
sensitive outcomes are to information. In this century humans now
are coming up against the massive utilization of information in
various contexts. The advent of super intelligence is drastically
accelerating the evolution of the socio-economic system. Our
traditional analytic approach must therefore be radically reformed
in order to adapt to an information-sensitive framework, which
means giving up myopic purification and the elimination of all
considerations of massive information. In this book, authors who
have shared and exchanged their ideas over the last 20 years, offer
thorough examinations of the theoretical-ontological basis of
complex economic interaction, econophysics, and agent-based
modeling during the last several decades. This book thus provides
the indispensable philosophical-scientific foundations for this new
approach, and then moves on to empirical-epistemological studies
concerning changes in sentiments and other movements in financial
markets.
This book aims to discern and distinguish the essential features of
basic economic theories and compare them with new theories that
have arisen in recent years. The book focuses on seminal economic
ideas and theories developed mainly in the 1930s to 1950s because
their emergence eventually led to new branches of economics. The
book describes an alternative analytical framework spreading
through the interdisciplinary fields of socioeconophysics and
sociodynamics. The focus is on a set of branching or critical
points that separate what has gone before from what has followed.
W. Brian Arthur used the term "redomaining" when he referred to
technological innovation. In the present volume the author aims to
re domain economic theories suited for a new social order. Major
technological innovations accompany not only changes in the economy
and the market but changes in their meaning as well. In particular,
the evolution of trading technology has changed the meaning of the
"invisible hand." At the end of the last century, the advent of
socioeconophysics became a decisive factor in the emergence of a
new economic science. This emergence has coincided with changes in
the implications of the economy and the market, which consequently
require a redomaining of economic science. In this new enterprise,
the joint efforts of many scientists outside traditional economics
have brought brilliant achievements such as power law distribution
and network analysis, among others. However, the more diverse the
backgrounds of economic scientists, the less integrated the common
views among them may be, resulting in a sometimes perplexing
potpourri of economic terminology. This book helps to mitigate
those differences, shedding light on current alternative economic
theories and how they have evolved.
As the real world is rapidly becoming more and more complicated,
economists need to venture beyond the boundaries of mainstream
economics and integrate philosophical thought and complexity into
their analytical frameworks. In this context, this volume brings
together papers on economic theory and its related issues,
exploring complex production systems and heterogeneously
interacting human behavior. The author challenges economists to
integrate economic theory and moral science anew by referring to
evolutionary economics and socio-econophysics. The three parts of
the book focus on the complexities of production and social
interaction, the moral science of heterogeneous economic
interaction, and the Avatamsaka's dilemma of the two-person game
with only positive spillovers.
As the real world is rapidly becoming more and more complicated,
economists need to venture beyond the boundaries of mainstream
economics and integrate philosophical thought and complexity into
their analytical frameworks. In this context, this volume brings
together papers on economic theory and its related issues,
exploring complex production systems and heterogeneously
interacting human behavior. The author challenges economists to
integrate economic theory and moral science anew by referring to
evolutionary economics and socio-econophysics. The three parts of
the book focus on the complexities of production and social
interaction, the moral science of heterogeneous economic
interaction, and the Avatamsaka 's dilemma of the two-person game
with only positive spillovers.
An innovative feature of this book is its econocentric structure,
focusing on digital designs. From the outset, econocentrism is
assumed to be a core engine of capitalism, like money. The new
coronavirus pandemic has changed lifestyles worldwide, which are
unlikely ever to return in their original form. This great
transformation will change the nature of the socio-economic system
itself and will be centered on digital designs. At present, money
already is beginning to undergo a major revolution in that sense.
Many books dealing with digital designs and innovations have been
published, but few if any of them focus on monetary and analytical
methods in the way that this present volume does.The book then
contains 6 parts: Evolution of money and thinking complexities in
the AI era; Goods market and the future of labor market;
Computational social approaches to social dilemmas, smart city,
cryptocurrencies; Artificial market experiments; The randomness and
high frequencies in financial data; Other trading strategy issues
and the effects of AI usage. These issues may be indispensable
subjects in our age. Study these subject, and have a step forward
to the future society!
This book aims to discern and distinguish the essential features of
basic economic theories and compare them with new theories that
have arisen in recent years. The book focuses on seminal economic
ideas and theories developed mainly in the 1930s to 1950s because
their emergence eventually led to new branches of economics. The
book describes an alternative analytical framework spreading
through the interdisciplinary fields of socioeconophysics and
sociodynamics. The focus is on a set of branching or critical
points that separate what has gone before from what has followed.
W. Brian Arthur used the term "redomaining" when he referred to
technological innovation. In the present volume the author aims to
re domain economic theories suited for a new social order. Major
technological innovations accompany not only changes in the economy
and the market but changes in their meaning as well. In particular,
the evolution of trading technology has changed the meaning of the
"invisible hand." At the end of the last century, the advent of
socioeconophysics became a decisive factor in the emergence of a
new economic science. This emergence has coincided with changes in
the implications of the economy and the market, which consequently
require a redomaining of economic science. In this new enterprise,
the joint efforts of many scientists outside traditional economics
have brought brilliant achievements such as power law distribution
and network analysis, among others. However, the more diverse the
backgrounds of economic scientists, the less integrated the common
views among them may be, resulting in a sometimes perplexing
potpourri of economic terminology. This book helps to mitigate
those differences, shedding light on current alternative economic
theories and how they have evolved.
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