Chapter

Perspectives on the Economy as an Evolving Complex System

Larry Samuelson

in The Economy as an Evolving Complex System, III

Published in print October 2005 | ISBN: 9780195162592
Published online October 2011 | e-ISBN: 9780199850495 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195162592.003.0010

Series: Santa Fe Institute Studies on the Sciences of Complexity

Perspectives on the Economy as an Evolving Complex System

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This chapter explores the microfoundations of social interactions and attempts to address an important lacuna in the theory of social interactions: namely, the absence of a theory as to why social interactions exist (as opposed to their implications). It argues that one way to understand social interactions is that they arise as a consequence of informational or competitive pressures. The chapter shows how these factors can produce consumption interdependences in equilibrium.

Keywords: microfoundations; social interactions; lacuna; consumption interdependences; equilibrium

Chapter.  10106 words. 

Subjects: Economic Systems

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