Complexity Economic and Order of Evolution

Zhiyi Liu ()
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Zhiyi Liu: SenseTime Group Limited

Chapter Chapter 4 in Principles of Digital Economics, 2022, pp 31-38 from Springer

Abstract: Abstract In this chapter, we will have a discussion on the perspective of complexity economic and the economic order based on evolution. In fact, as early as Alfred Marshall, the British economist wrote the “Principles of Economics” [15] (an economic classic considered as great as Adam Smith’s “The Wealth of Nations” [16] and David Ricardo’s “On the Principles of Political Economy and Taxation” in history) and became one of the founders of neoclassical economics, as we see, the mainstream economics had been exploring following Marshall’s footsteps. Marshall’s view about demand and supply, marginal benefits, and production costs, etc. has been indispensable in economics courses for university students. However, as the times develop, especially as the digital economy advances, this economic framework based on the continuity assumption has increasingly failed to explain technology, innovation, and the evolutionary economic order discussed in behavioral economics. For more than 200 years, the traditional economics had had its main models and frameworks from the ideas of classical mechanics in physics, while evolutionary economics has tried to studied on the diversity and adaptability in economics as the objects, and to analyzed based on ideas in biology. This is the logic we will focus on in this chapter. To understand the basic ideas in the development of the digital economy by constructing a framework based on evolutionary economics.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-981-16-9020-4_4

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DOI: 10.1007/978-981-16-9020-4_4

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