Further Economy Stability

Rather than basing economic analysis on production functions for firms and preference functions for consumers, we gain a better understanding of economic structure and its dynamics by viewing both production and consumption as occurring in complex interacting networks. Value has both static and dynamic dimensions. Evolutionary theory is about how they interact. Evolutionary economics should [...]

Implicitly or otherwise, all talk of economic transformation is talk of a dynamical process. But a dynamical process can mean many things. So the question should be more specific: What kind of dynamical process is economic transformation? There are many ways of describing economic transformation. It may be a smooth and laminar process, for example, [...]