1) A Non-Equilibrium Evolutionary Economic Theory. 2) Self-Organization of Markets & The Approach to Equilibrium

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/3480 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/3480 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/3480 archive 351 disk0/00/00/34/33 2016-01-15 02:00:44 2021-08-27 17:13:52 2016-01-15 02:00:44 monograph show 2 Ayres R.U. 1324 Martinas K. 1) A Non-Equilibrium Evolutionary Economic Theory. 2) Self-Organization of Markets & The Approach to Equilibrium pub iis_ecn iis_cmp prog_cim Modifying some of the canonical assumptions of general equilibrium theory, in this paper we derive a computable economic progress function Z for any economic unit (EU) with bounded rationality (BR). The progress function depends only on the internal economic state of the unit, as measured by possessions: goods, money and (for individuals) the value of future labor and leisure. In the absence of depreciation and aging the progress function is non-decreasing. It does not presume utility maximization or general equilibrium. Thus, the underlying theory is essentially in the evolutionary tradition. Arguments are presented for interpreting the progress function as a stock of economically useful information. 1990-07 published WP-90-018 WP-90-018 10 1136 public working_paper IIASA, Laxenburg, Austria 51 FALSE info:eu-repo/semantics/book