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130626 ||| eng |
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|a 9783642340567
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|a Wallast, Len H.
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|a Evolvodynamics - The Mathematical Theory of Economic Evolution
|h Elektronische Ressource
|b A Coherent Way of Interpreting Time, Scarceness, Value and Economic Growth
|c by Len H. Wallast
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| 250 |
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|a 1st ed. 2013
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| 260 |
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|a Berlin, Heidelberg
|b Springer Berlin Heidelberg
|c 2013, 2013
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| 300 |
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|a VIII, 279 p. 23 illus
|b online resource
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|a Darwin- and Shannon-Inspired Dynamic Economic Selection -- Sets of Entropy, Selection, Venn Diagrams and Bitpulses -- The Road from Generalized Darwinism to Evolvodynamics -- Exchange and the Circulation of Entropy -- The Interpretation of the Economic Variables -- Money and Liquidity, Time, Work and Effectiveness -- Calculation -- Theory and Confirmation -- Appendices
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| 653 |
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|a Engineering
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| 653 |
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|a Data-driven Science, Modeling and Theory Building
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| 653 |
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|a Economic growth
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| 653 |
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|a Macroeconomics/Monetary Economics//Financial Economics
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| 653 |
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|a Economic Growth
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| 653 |
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|a Complexity
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Economic theory
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| 653 |
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|a Mathematics
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| 653 |
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|a Economic Theory/Quantitative Economics/Mathematical Methods
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| 653 |
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|a Game Theory, Economics, Social and Behav. Sciences
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| 041 |
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|a eng
|2 ISO 639-2
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| 989 |
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|b Springer
|a Springer eBooks 2005-
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| 490 |
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|a Lecture Notes in Economics and Mathematical Systems
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| 856 |
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|u https://doi.org/10.1007/978-3-642-34056-7?nosfx=y
|x Verlag
|3 Volltext
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|a 338.9
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| 520 |
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|a Dissatisfied with the flaws of orthodox economics, the author proposes to base economic theory on the three principles of Darwinian evolution (variation, inheritance, selection). Pursuing a suggestion of E.T. Jaynes of 1991, the innovation is in treating economic behavior as chance events of selection. This involves abandoning the methods of mainstream economics and to apply instead the methods by which Claude E. Shannon analyzed information transport over a stationary channel. As economic processes are non-stationary, the author clarifies first how the Shannon-system must be reshaped in a system capable to describe economic evolution mathematically. As economic processes are non-stationary, the author first clarifies how the Shannon system must be reshaped into one capable of describing economic evolutions mathematically. Deriving the universal relations between input, output, the economic growth rate, inflation and money flow involves applying differential sets of selection, Venn diagrams, bitpulses as units of selection and the probability distributions of bitpulses. This is a thought-provocative and highly informative book of which the explanatory power goes far beyond that of traditional economics. It should be on the readers list of everyone concerned with the weal and woe of economic theorizing
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