The Evolution of Economies: Money-bargaining, economic change and industrial revolution

It is clear even to casual observation that economies evolve from year to year and over centuries. Yet mainstream economic theory assumes that economies always move towards equilibrium. One consequence of this is that mainstream theory is unable to deal with economic history.

The Evolution of Economies provides a clear account of how economies evolve under a process of support-bargaining and money-bargaining. Both support-bargaining and money-bargaining are situation-related - people determ...