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Elements in Evolutionary Economics

This Element develops a theory of institutional acceleration to explain the transformation to a digital economy through a cluster of frontier technologies: artificial intelligence, blockchain, quantum computing, cryptography, and low-earth orbit infrastructure. It also shows how this process reshapes our institutional economic architecture.

Allen D: Institutional Acceleration

Institutional Acceleration

The Consequences of Technological Change in a Digital Economy

Introduction; 1. The supertransition thesis; 2. Vectors of technological change; 3. Combinatorial innovation and the supertransition; 4. Institutional acceleration; 5. An economy of digital institutions; 6. Adaptation and agency in the supertransition; References.

This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation.

This Element is about agent-based macroeconomics in general, and in particular about a family of evolutionary, agent-based models (ABMs), which are called 'Schumpeter meeting Keynes' (or K+S). The K+S models knit together 'Schumpeterian' endogenous processes of innovation with 'Keynesian' mechanisms of demand generation.

The Schumpeter Meeting Keynes Models

Agent-based Macroeconomics

Economic evolution involves structural change from within, so evolutionary price theory needs to address how prices facilitate and accommodate this structural change and how structural change in turn impacts on prices. Such analysis is impossible using neoclassical price theory in which endowments of inputs, production technology and consumer preferences are all treated as exogenously determined and the future is known or at least its probability distribution is known. An alternative theory of price determination outlined in this book is compatible with structural change from within and an unknown future. The theory employs an open-system ontology and a micro-meso-macro methodology. Prices have a dual informational role in evolutionary economics. As well as coordinating ongoing production and consumption activities, prices provide information to guide potential entrepreneurs and their financiers in evaluating the profitability of innovations. The latter role can substantially disrupt the order created in the former role.

This Element sets out a theory of price determination in capitalist economies that is consistent with the presumptions of evolutionary analysis. The resulting theory deviates substantively in terms of both construction and implications from neoclassical price theory with its closed-system ontology, individualism, and epistemology.

Evolutionary Price Theory

The role of Evolutionary Economics tends to still be understated and not fully understood. This Element attempts to remedy this by theorizing on how entrepreneurship impacts and drives market economies, the implications for economic change and renewal, and how the pursuit of new value creation determines the evolution of an economy.

The role of Evolutionary Economics tends to still be understated and not fully understood. This Element attempts to remedy this by theorizing on how entrepreneurship impacts and drives market economies, the implications for economic change and renewal, and how the pursuit of new value creation determines the evolution of an economy.

Entrepreneurship and Evolutionary Economics

Entrepreneurship has been expunged from contemporary mainstream economics despite being an important driver and cause of economic development and growth. However, whereas Evolutionary Economics recognizes value-creative entrepreneurship, its role and impact tend to still be understated and the vast implications not fully understood. This Element attempts to remedy this by theorizing on how entrepreneurship impacts and drives market economies, the implications for economic change and renewal, and how the pursuit of new value creation determines the evolution of an economy. We find that allowing for entrepreneurial new value creation - innovative entrepreneurship - produces a different and more dynamic understanding of the market as a process, the role of knowledge and uncertainty, economic evolution and progress, as well as has important implications for political economy.

The view of dynamic capabilities in evolutionary economics as being based on capabilities comprised of routines has so far precluded their integration in evolutionary economics. This Element contributes to such integration by introducing the dynamic metacapabilities framework.

Introducing Quantum Management and the Informational View of the Firm

The Dynamic Metacapabilities Framework

This Element introduces the replicator dynamics for symmetric and asymmetric games where the strategy sets are metric spaces. The authors provide conditions to approximate the replicator dynamics on a space of measures by means of a finite-dimensional dynamical system and a sequence of measure-valued Markov processes.

This Element introduces the replicator dynamics for symmetric and asymmetric games where the strategy sets are metric spaces. Under this hypothesis the replicator dynamics evolves in a Banach space of finite signed measures. The authors provide a general framework to study the stability of the replicator dynamics for evolutionary games in this Banach space. This allows them to establish a relation between Nash equilibria and the stability of the replicator for normal a form games applicable to oligopoly models, theory of international trade, public good models, the tragedy of commons, and War of attrition game among others. They also provide conditions to approximate the replicator dynamics on a space of measures by means of a finite-dimensional dynamical system and a sequence of measure-valued Markov processes.

Evolutionary Games and the Replicator Dynamics

A long tradition explains technological change as recombination. Within this tradition, this Element develops an innovative combinatorial model of technological change and tests it with 2,000 years of global GDP data and with data from US patents filed between 1835 and 2010. The model explains 1) the pace of technological change for a least the past two millennia, 2) patent citations and 3) the increasing complexity of tools over time. It shows that combining and modifying pre-existing goods to produce new goods generates the observed historical pattern of technological change. A long period of stasis was followed by sudden super-exponential growth in the number of goods. In this model, the sudden explosion of about 250 years ago is a combinatorial explosion that was a long time in coming, but inevitable once the process began at least two thousand years ago. This Element models the Industrial Revolution as a combinatorial explosion.

This Element develops an innovative combinatorial model of technological change and tests it with 2,000 years of data from global GDP data and US patents, thus generating the observed historical pattern of technological change. This Element models the Industrial Revolution as a combinatorial explosion.

Explaining Technology

Multivariate Applications Series

Time Series and Dynamic Factor Analysis

Single Case Analysis for Behavioral Science Research

Quantum Computing and Machine Learning for 6G

In Mechanism Design and International Risk Regulation Institutions, Mike Nwogugu explains that 'Risk Management Institutions' in this context refers not just to organizations, but also to methods, assets/liabilities, mathematical computations, government interventions and regulations that pertain to global risk management. The author suggests that in order to foster economic growth, international risk regulation should transcend the current emphasis on organizations and assets/liabilities because despite international coordination and new laws enacted in various countries during 2007-2012, risk regulation remains highly ineffective in many countries.

Financial crises, including those related to sub-prime loans/mortgages, have exposed weaknesses in financial markets and risk management institutions worldwide. In 'Mechanism Design and International Risk Regulation Institutions', Mike Nwogugu explains that ’Risk Management Institutions’ in this context refers not just to organizations, but also to methods, assets/liabilities, mathematical computations, government interventions and regulations that pertain to global risk management. The author suggests that in order to foster economic growth, international risk regulation should transcend the current emphasis on organizations and assets/liabilities because despite international coordination and new laws enacted in various countries during 2007-2012, risk regulation remains highly ineffective in many countries. The author also critiques mechanism design theory (a branch of mathematics) and explains how implementation and divisibility are major elements of, and limitations to mechanisms. The author introduces new mechanisms that pertain to banking, external auditing (auditor selection), securitization, franchising, the corporate entity and credit ratings (all of which in their current form are distinct failed mechanisms). In this book, the author introduces new risk management models; and new methods for the risk-based interpretation of national Constitutions; and explains the symbolic and functional importance of Constitutional Political Economy in legislation and risk management. The Author illustrates the effects of risk regulation on economic growth. The book elucidates mechanism design theories as they relate to risk, and analyses antitrust prediction and franchising models within the context of systemic risk. The Author develops new theories of the firm and mathematical models pertaining to bankruptcy, strategic alliances and M&amp;A transactions. This book will serve the needs of Investment and corporate governance professionals; banking/securitie

Theories and Models for Financial Markets

Mechanism Design and International Risk Regulation Institutions

Grounded in the latest research and practical experience in client organizations, this book provides a coherent theory of the leadership of groups. The authors show how this knowledge can be used to inspire and motivate groups to deliver positive spirals of performance at the individual, group and organisational levels.

Grounded in the latest research and practical experience in client organizations, this book provides a coherent theory of the leadership of groups. The authors show how this knowledge can be used to inspire and motivate groups to deliver positive spirals of performance at the individual, group and organisational levels.

Group Leadership

A Process Roadmap for Distinctive Products and Services

Differentiation by Design

Human–Computer Interaction Series

This book covers key topics regarding the research and creation of personas across cultures for human-computer interaction (HCI).&nbsp;Through empirical cases studies, it examines a breadth of approaches, challenges and reflections on personas deployed in different locales over time.Personas&nbsp;have been artefacts of&nbsp;enquiry&nbsp;and praxis since Alan Cooper brought them to mainstream technology design.&nbsp;Yet, their&nbsp;study&nbsp;and emergence across cultures have been little explored –least of all synthesised in a monograph,&nbsp;this book fills that gap.It consolidates the body of work on persona studies conducted in a variety of locations in India, Brazil, Kyrgyzstan, Namibia, Vietnam, Chile, Mozambique, Malaysia and South Africa, drawing upon two somewhat competing, if complementary methodologies: User-Centred Design and Participatory Design. Rather than prescribing tools, techniques, methods or methodologies, it illustrates thehistorical versatility and epistemological plasticity of personas in the design of technologies shaped by dominant, situated, inclusive or culturally nuanced representations of people. It draws from the author's extensive knowledge of case studies as well as from his own work to provide examples, reflections and audiovisual illustrations of relevant concepts and issues.&nbsp; Personas Across Cultures: Representing the Next Billion Users&nbsp;is designed for early and seasoned career researchers in HCI who might approach the design of personas across cultures for the first time, and scholars and practitioners in related fields such as&nbsp;interaction design,&nbsp;usability, user experience and co-design.

This book covers key topics regarding the research and creation of personas across cultures for human-computer interaction (HCI).Through empirical cases studies, it examines a breadth of approaches, challenges and reflections on personas deployed in different locales over time. Personas have been artefacts of enquiry and praxis since Alan Cooper brought them to mainstream technology design. Yet, their study and emergence across cultures have been little explored –least of all synthesised in a monograph, this book fills that gap.It consolidates the body of work on persona studies conducted in a variety of locations in India, Brazil, Kyrgyzstan, Namibia, Vietnam, Chile, Mozambique, Malaysia and South Africa, drawing upon two somewhat competing, if complementary methodologies: User-Centred Design and Participatory Design. Rather than prescribing tools, techniques, methods or methodologies, it illustrates the historical versatility and epistemological plasticity of personas in the design of technologies shaped by dominant, situated, inclusive or culturally nuanced representations of people. It draws from the author's extensive knowledge of case studies as well as from his own work to provide examples, reflections and audiovisual illustrations of relevant concepts and issues.&nbsp; Personas Across Cultures: Representing the Next Billion Users is designed for early and seasoned career researchers in HCI who might approach the design of personas across cultures for the first time, and scholars and practitioners in related fields such as interaction design,usability, user experience and co-design.

Representing the Next Billion Users

Personas Across Cultures

This book Provides a roadmap for digital transformation- Demonstrates how digital transformation is necessary for the survival and growth of business organizations and nonprofits of all sizes and industry segments.

This book Provides a roadmap for digital transformation- Demonstrates how digital transformation is necessary for the survival and growth of business organizations and nonprofits of all sizes and industry segments.

A Roadmap for Driving Results in the Digital World

Transformative Marketing

How the Internet Hijacked Our Health

Bad Influence

This cross-disciplinary field utilizes the strange effects of quantum mechanics to enable information processing and computing that would be impossible on traditional 'classical' computers. The field has developed rapidly over the last few years due in part to its tremendous technological potential. The theoretical foundations of the subject are clearly established and good textbooks are available. However, many experimental directions are under investigation and hardly any book describing them is available on the market. Quantum cryptography, for example, has already evolved to marketable devices. Most of the books on quantum information and/or quantum computing address the important aspect of optical implementation only briefly. This book solves that by focusing on all light-based approaches to quantum computing.

This cross-disciplinary field utilizes the strange effects of quantum mechanics to enable information processing and computing that would be impossible on traditional 'classical' computers. The field has developed rapidly over the last few years due in part to its tremendous technological potential. The theoretical foundations of the subject are clearly established and good textbooks are available. However, many experimental directions are under investigation and hardly any book describing them is available on the market. Quantum cryptography, for example, has already evolved to marketable devices. Most of the books on quantum information and/or quantum computing address the important aspect of optical implementation only briefly. This book solves that by focusing on all light-based approaches to quantum computing.

Quantum Information Processing with Light

Routledge Research in Information Technology and E-Commerce Law

This book will provide critical insights into Internet governance through an in-depth examination of human rights law and will be of great interest to students and academics with an interest in IT law, Internet regulation and human rights law.

This book will provide critical insights into Internet governance through an in-depth examination of human rights law and will be of great interest to students and academics with an interest in IT law, Internet regulation and human rights law.

A Human Rights Perspective

Internet Governance

Learn how to manage the risks and opportunities of agentic AI with this practical guide to ensuring the safe and beneficial developments of advanced AI systems.

Principles and Responsible Practices

Safer Agentic AI

Routledge Studies in the History of Marketing

This book addresses the need to understand marketing practices in the context of the rich and varied history of India. Such an understanding will not only enrich marketing as a discipline, but also provide marketers and academics with valuable insights into the cultures and behaviors of Indian consumers. By analysing historical writings on business in India over 2000 years, and providing a coherent narrative of the marketing practices during these periods, it critically engages with the larger socio-economic structures which influenced, and were influenced by these practices. All scholars of marketing history will find this a fascinating and unique assessment of a highly significant market.

The concepts and practices of marketing, as well as the ideologies that impel these, are rooted in specific social and cultural contexts, predominantly those of the USA, and Europe. Moreover, the Western dominance of marketing thought permeates it with Western values such as individualism and rationalism. This has led to important contexts outside these traditions such as India being overlooked. India has an enormously rich and varied culture and history, and this book addresses the need to understand marketing practices within this diverse context. Such an understanding will not only enrich marketing as a discipline, but also provide both Western and Indian marketers and academics with valuable insights into the cultures and behaviors of Indian consumers. By analysing historical writings on business in India from the BCE period to the current period, and providing a coherent narrative of the marketing practices during these periods, it critically engages with the larger socio-economic structures which influenced, and were influenced by these practices. All scholars of marketing history will find this a fascinating and unique assessment of a highly significant market.

History of Marketing in India

Institutional Acceleration

Inhalt

Bibliografische Angaben

Inhaltsverzeichnis

Schlagworte

Inhalt

Bibliografische Angaben

Inhaltsverzeichnis

Schlagworte

Weitere Titel der Reihe: Elements in Evolutionary Economics

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