Turbulence in Economics: An Evolutionary Appraisal of Cycles and Complexity in Historical Processes

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Editorial Reviews

Booknews
A critique of mainstream econometrics, presenting the economy as an evolutionary process, economics as a realistic science, and history as fundamental to understanding economic processes. Examines cycles and fluctuations in economic history from the point of view of the metaphor of turbulence in the physical sciences, and argues that an evolutionary approach is required for understanding historical economic processes. Compares the ideas of Keynes and Schumpeter to those of Frisch and Wicksell, and examines recent studies of chaos, nonlinearity, and complexity to explain the historical development of modern economics. Of interest to those involved in economics, history, chaos theory, and modern methodology. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9781858985633
  • Publisher: Elgar, Edward Publishing, Inc.
  • Publication date: 8/1/1997
  • Pages: 383

Table of Contents

List of figures
List of tables
Introduction
Pt. 1 The Evolutionary Metaphors in the Reconstruction of Economics
1 Introduction to Part One: Simplicity or Complexity 3
2 The Impasse of Positivism 5
3 Heirs of Positivism 28
4 The Economy of Metaphoric Innovation 49
5 Time for Evolution 76
6 Conclusion of Part One: Pertinent Impertinence 101
Pt. 2 The Rocking Horse
7 Introduction to Part Two: Simplicity from Complexity 117
8 The Rocking Horse: The Propagation-Impulse Metaphor for Business Cycle Theories 120
9 Premises and Implications of the Double Decomposition 139
10 New Criteria for the Classification of Theories: An Intermediate Balance Sheet 171
11 Conclusion of Part Two: Moving Away from the Perpetuum Mobile 192
Pt. 3 Bounded Heresies
12 Introduction to Part Three: Disputed Interpretations 219
13 Schumpeter's Paradox 222
14 From Evolution to Evolutionism 229
15 From Bloomsbury to Cambridge and to Harvard 247
16 Conclusion of Part Three: Split Heritage 268
Pt. 4 Dr. Pangloss Hunted by the Snarks
17 Introduction to Part Four: Turbulence Again 283
18 Uneasy Feelings 286
19 Order Out of Disorder 294
20 The Crucial Dependency of the Answers on the Questions 302
21 The Aggregative Effects of Aggregation in Economic Time Series 311
22 The Problem of Heteroscedasticity 317
23 Reconsiderations on the Rocking Horse: The Vanishing Property of the Errors 321
24 Conclusion of Part Four: The Snark was a Boojum 328
Conclusion: Complexity, the Condition of the World
25 The Complex under the Simple 339
References 359
Index 381
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