Dynamics of Socio-Economic systems: attractors, rationality and meaning

Andrzej Nowak, Jørgen Vitting Andersen () and Wojciech Borkowski
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Andrzej Nowak: UW - Uniwersytet Warszawski [Polska] = University of Warsaw [Poland] = Université de Varsovie [Pologne], Florida Atlantic University [Boca Raton]
Jørgen Vitting Andersen: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Wojciech Borkowski: University of Social Sciences and Humanities - University of Social Sciences and Humanities

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Gintis Helbing and go beyond the traditional boundaries of scientific disciplines and offer the integration of major theories of the main disciplines of the social and natural sciences. The theory captures many ideas of social psychology. Several assumptions of the model, however, can be questioned. The hypothesis that social systems are at equilibrium is too narrow, because social systems can also be out of balance. The concept of dynamic attraction shows that the systems may converge to different types of attractors in accordance with the value of control parameters. The notion of rationality of human behavior can be challenged on the basis of new data of psychology, decision sciences and behavioral economics. Often individuals do not process information, but rather copy the choices of others. Individuals interact by both direct and indirect means – if market mechanisms. More importantly, the social dynamic, unlike physical systems, are governed by a sense. Despite these limitations of the theory and Gintis Helbing is an important step in the integration of social sciences.

Keywords: Complex system; adaptive system; general equilibrium (search for similar items in EconPapers)
Date: 2015-10
New Economics Papers: this item is included in nep-evo, nep-hpe and nep-pke
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01242298v1
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Published in 2015

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