Complex systems and evolutionary economics

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Chapter 7 in Evolutionary Spatial Economics, 2020, pp 89-120 from Edward Elgar Publishing

Abstract: The neoclassical equilibrium economic theory studies consistent patterns of behaviour that lead the economic system into a stable state (equilibrium). This steady state means that there is no further movement or reaction to any action, external or self-grown internally. Complexity and evolutionary economics deals with actions, reactions, endogenous change, competition among various expectations, strategies and whims of economic actors. It is also concerned with the phenomenon of how these fit into the aggregate disequilibrium and always changing picture.

Keywords: Economics and Finance; Geography (search for similar items in EconPapers)
Date: 2020
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