By John Foster, Werner Holzl
Debates the facets of complexity and evolution in utilized contexts recognising that smooth evolutionary economics is at a crossroads. Foster is from collage of Queensland.
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Additional info for Applied Evolutionary Economics and Complex Systems
T. Sayers (eds), Surveys in Econometrics, Oxford: Blackwell. Potts, J. (2000), The New Evolutionary Microeconomics: Complexity, Competence and Adaptive Behaviour, Cheltenham, UK and Northampton, USA: Edward Elgar. Sarkar, J. (1998), ‘Technological diﬀusion: alternative theories and historical evidence’, Journal of Economic Surveys, 12, 131–76. A. (1933), ‘The common sense of econometrics’, Econometrica, 1, 5–12. F. (1989), A New Theory of Economic Growth, Oxford: Clarendon Press. A. (1980), ‘Macroeconomics and reality’, Econometrica, 48, 1–48.
Perron concluded that the null unit root hypothesis could be rejected also at a high conﬁdence level for almost all the time series. Similar results were obtained by Raj (1992) for the macroeconomic time series of Canada, France and Denmark, by Rudebusch (1992) for England, by Linden (1992) for Finland, by Wu and Chen (1995) for Taiwan and by Soejima (1995) for Japan. Other authors also looked for a broken trend in speciﬁc time series. Diebold and Rudebush (1989), Duck (1992), Zelhorst and de Haan (1993), Ben-David and Papell (1994), Alba and Papell (1995) and McCoskey and Selden (1998) have found a broken trend for the GDP in many countries.
Although endogenous growth theorists tend to remain in the neoclassical economic paradigm, they are not content simply to seek statistical configurations to address the empirical inadequacy of neoclassical growth 22 Applied evolutionary economics and complex systems theory. Unlike the demand for money, to which modellers alluded to earlier, their goal has been to extend economic theory to better understand the observed non-stationary aspects of economic growth. To this end, they discuss the nature of technical change, creativity, innovation, learning-bydoing, knowledge externalities and so forth, and they attempt to give these expression by extending the neoclassical growth model.
Applied Evolutionary Economics and Complex Systems by John Foster, Werner Holzl