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Economic Complexity and Equilibrium Illusion: Essays on Market Instability and Macro Vitality

By Ping Chen (Editor)
Hardcover
$235.00
By Ping Chen (Editor)
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The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity.

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