David Simpson skilfully argues that a market economy can be best understood as a human complex system, a perspective that represents a continuation of the classical tradition in economic thought. In the classical tradition, growth rather than allocative efficiency is the principal object of enquiry, economic phenomena are recognised to be elements of processes rather than structures, and change is evolutionary.The book shows the common principles that connect the early classical school, the Austrian school and complexity theory in a single line of thought. It goes on to show how these principles can be applied to explain the characteristic features of a market economy - namely incessant change, growth, the business cycle and the market process itself - and argues that static equilibrium theory, whether neoclassical or neo-Keynesian, cannot satisfactorily account for these phenomena.
This fascinating book will provide a stimulating read for academics, postgraduate students and all those with an interest in economic theory and economic policy.
- ISBN10 1781951969
- ISBN13 9781781951965
- Publish Date 30 April 2013
- Publish Status Active
- Publish Country GB
- Imprint Edward Elgar Publishing Ltd
- Format Hardcover
- Pages 224
- Language English