Coevolution in economic systems Isabel Almudi, Francisco Fatas-Villafranca

Format:

Book

Author/Creator:

Almudí, Isabel, author.

Fatas-Villafranca, Francisco, author.

Series:

Cambridge elements. Elements in evolutionary economics

Language:

English

Subjects (All):

Evolutionary economics.

Coevolution.

Physical Description:

1 online resource

Place of Publication:

Cambridge, United Kingdom New York, NY Cambridge University Press 2021

Summary:

Coevolution in economic systems plays a key role in the dynamics of contemporary societies. Coevolution operates when, considering several evolving realms within a socioeconomic system, these realms mutually shape their respective innovation, replication and/or selection processes. The processes that emerge from coevolution should be analyzed as being globally codetermined in dynamic terms. The notion of coevolution appears in the literature on modern innovation economics since the neo-Schumpeterian inception four decades ago. In this Element, these antecedents are drawn on to formally clarify and develop how the coevolution notion can expand the analytical and methodological scope of evolutionary economics, allowing for further unification and advance of evolutionary subfields.-- Provided by publisher

Contents:

Cover

Title page

Copyright page

Coevolution in Economic Systems

Contents

1 Introduction

2 Coevolution: A Key Concept for Evolutionary Economics

2.1 The Evolutionary Approach to Socioeconomic Change

2.1.1 Key Preliminary Definitions

2.2 Coevolution and the Dynamics of Structurally Distinct Realms

2.3 Methodological Reflections

3 Coevolution in Markets

3.1 The Coevolution of Supply and Demand

3.1.1 Supply (Sector 1)

Prices and Performance

Demand-Driven Production and Costs

R&D-Based Innovation

Firms' Entry/Exit

3.1.2 Demand of Capital Goods and Supply of Consumption Options (Sector 2)

Overview

Machine Choice by Each j-firm in Sector 2

3.1.3 The Dynamics of the Final Consumption Market

Firms' Entry/Exit

3.2 Prices, Knowledge Creation and Change in CoevolutionaryEnvironments

3.2.1 The Beta (a,b) Component of the Institutional Frame and the Viabilityof Multisectoral Coevolution in Innovative Environments

3.2.2 Innovation, Prices and Economic Change

3.3 Multisectoral Coevolution and Imperfect Selection

4 Coevolution of Technology and Institutions: Growth

4.1 Coevolution of Practice, Institutions and Understanding

4.1.1 Technology

4.1.2 Coevolution of Practice, Institutions and Understanding

4.2 Technological Advance, Supporting Institutionsand Growth

4.2.1 Assumptions on Intra-sectoral Dynamics

4.2.2 Coevolution and Economic Growth

4.3 Innovation and Economic Catch-up

4.3.1 Preliminaries for the Choice Structure

4.3.2 Learning, Development and the T -Choice Structure

5 Capitalism and Democracy in Coevolution

5.1 The Increase in Living Standards and Public Opinion

5.2 Utopia Competition As a Coevolutionary Process

5.2.1 Citizen Payoff

5.2.2 Intra-subsystemic Evolution

5.2.3 Inter-subsystemic Dynamics and Coevolution

5.2.4 Emergent Properties

For Low values of '

Increasing values of '

5.3 The Dynamics of Power in Capitalistic Democracies

6 Synthesis and the Road Ahead

Appendices

Appendix A Coevolution in Markets: Evolutionary Microfoundations for Sector 2, a Formal Analysis and the Two-Sectors Model in Pseudocode

A1 Microfoundations for the Demand-Side of Sector 2

A2 A Formal Analysis for a Simplified Version of the Model

A3 Parametric Values and the Model in Pseudocode

Appendix B Utopia Competition: Microfoundations for the Replicator Dynamics and the Formal Analysis for One Isolated Subsystem

B1 Microfoundations

B2 A Formal Analysis for Intra-subsystem Dynamics

References

Notes:

Online resource; title from digital title page (viewed on May 21, 2021)

ISBN:

9781108854993

1108854990

9781108767798

1108767796

OCLC:

1252386954

Access Restriction:

Restricted for use by site license