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Punctuated Equilibrium and Power Law in Economic Dynamics
Punctuated Equilibrium Power Law Economic Dynamics
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2011/1/4
An interesting toy model has recently been proposed on Schumpeterian economic dynamics by Thurner {\it et al.} following the idea of economist Joseph Schumpeter. Punctuated equilibrium dynamics is sho...
The Problem of Modeling of Economic Dynamics (new version)
Modeling Economic Dynamics
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2010/10/19
The correctness of Harrods model in the differential form is studied. The inadequacy of exponential growth of economy is shown; an alternative result is obtained. By example of Phillips model, an app...
Schumpeterian economic dynamics as a quantifiable minimum model of evolution
economic growth evolution dynamics technological innovation
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2010/11/2
We propose a simple quantitative model of Schumpeterian economic dynamics.New goods and services are endogenously produced through combinations of existing goods. As soon as new goods enter the market...