The Foundations of Non-Equilibrium Economics: The Principle by Sebastian Berger
By Sebastian Berger
This thought-provoking quantity provides essays at the foundations of non-equilibrium economics, i.e. the main of round cumulative causation (CCC). This paintings provides empirical examine on how the interaction of technology’s expanding returns to scale, associations, assets, and financial coverage results in virtuous circles of financial development and improvement, but in addition to vicious circles of social and ecological degradation. specifically, facts is equipped for the $64000 function of the "development nation" and strategic exchange coverage, economies of large-scale creation in production, the nearby point of improvement and community-based source administration regimes. whereas demonstrating CCC’s power in producing empirical examine, the publication additionally presents insights into its philosophical foundations and highbrow history.? numerous essays hint the roots of this full-fledged theoretical framework again to Adam Smith, Classical Political economic system, Thorstein Veblen, Gunnar Myrdal, okay. William Kapp and Nicholas Kaldor. because the so much complete choice of the becoming physique of CCC learn so far, this booklet additionally displays the emergence of an financial paradigm for realizing fiscal dynamics and for crafting practicable improvement suggestions for the twenty first century. the amount may be of significant curiosity to students of development and improvement economics, institutional and evolutionary economics, political economic climate, and submit Keynesian economics from undergraduate to postgraduate study degrees.
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Additional info for The Foundations of Non-Equilibrium Economics: The Principle of Circular Cumulative Causation (Routledge Advances in Heterodox Economics)
Davidson 1972), this is to treat uncertainty as an ergodic rather than non-ergodic phenomenon. The empirical evidence – aggregate production function studies and the Verdoorn law It may be seen from the above that whether or not there are empirically substantial returns to scale is central to the discussion. Notwithstanding Smith’s example of the pin factory, the empirical evidence concerning increasing returns today is still regarded by some as ambiguous. As Romer (1994: 10) commented, “if you are committed to the neoclassical mode,” the data “cannot be used to make you recant.
Although the estimation of dynamic Verdoorn law is subject to a number of specification and estimation issues (Angeriz et al. 2. These returns to scale are encompassing in that they include induced technical change and both dynamic and static returns to scale. But how are these results to be reconciled with the estimates of conventional production function studies, especially since, under certain assumptions, the Verdoorn law can be derived from the conventional Cobb–Douglas production function (Black 1962)?
This is provided that there are a large number of firms. Hence, “the allocative efficiency of competitive markets survives concave production functions, whether they reflect economies of specialization or of scale, so long as the output of each individual producer is negligible” (Farrell Increasing returns, CC and path-dependence 21 1959: 388). However, if the number of firms is relatively small and perfect competition breaks down, then the problems emphasized by Kaldor for general equilibrium theory materialize.