Description
Book SynopsisThis book addresses some basic questions in economics, all of which have a common core - they all refer to forming behaviour, to the emergence of order, its adaptation, its transformation, and its ultimate dissolution into chaos.Starting with the notion of self-organization, the author analyses the operation and the demise of institutions in economics. In doing so, he takes into account the consequences of the intervention of history, chance, necessity, and will - a subject little undertaken in contemporary economic theory. Starting with the theory of microeconomics itself, the author builds precise models based on explicit hypotheses and draws out the significance of the propositions obtained. The book draws on systems theory, evolutionary theory, the literature on institutional economics, and existing general equilibrium theory, and steps outside the present conceptual framework of microeconomics.
Trade Review`The Economics of Order and Disorder is an enlightening book. It is full of original ideas about how to model the fundamentals of exchange; the discussions surrounding the models are highly insightful; and the book suggests many good directions for furhter work.' Journal of Economic Literature
'This book is highly recommended for those who want to remain at the frontiers of theoretical developments in economic theory. And it gives a taste of new directions in economic thinking that may become dominant in future.' P.M. Mathur, (deceased), University of Aberystwyth, Economics of Planning 27: 1994
Table of ContentsPart 1 The market as organizer: building the models; a simple market; the market and irreversibilities; the market and increasing yields; the traditional market; the revelation of quality through price. Part 2 The market as creator: the birth of intermediaries; the forming of opinions; the creating of skills; the founding of unions; change in structure of competition.
