Consumer, Firm, and Price Dynamics: An Econophysics Approach
Matti Estola
Broschiertes Buch

Consumer, Firm, and Price Dynamics: An Econophysics Approach

Modeling by Economic Forces

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The assumptions of neoclassical analysis haveprohibited the development of economics into aquantitative science. The assumptions do not allowmodeling time dependent processes and increasingreturns to scale in firms' production in aperfectly competed industry. Further, the assumedoptimal behavior prohibits understanding changes ineconomic quantities because none likes to change hisoptimal behavior.In the book the assumption of optimal behavior inneoclassical analysis is changed to the following:Economic agents like to better their situation ifpossible. This approach is shown to lead to ananalog...