This book discerns and distinguishes essential features of basic economic theories developed in the 1930s to 1950s, and compares them with theories that have arisen in recent years. Covers the advent of socioeconophysics, and many other contemporary trends.

This book aims to discern and distinguish the essential features of basic economic theories and compare them with new theories that have arisen in recent years. The book focuses on seminal economic ideas and theories developed mainly in the 1930s to 1950s because their emergence eventually led to new branches of economics. The book describes an alternative analytical framework spreading through the interdisciplinary fields of socioeconophysics and sociodynamics. The focus is on a set of branching or critical points that separate what has gone before from what has followed. W. Brian Arthur used the term redomaining when he referred to technological innovation. In the present volume the author aims to re domain economic theories suited for a new social order. Major technological innovations accompany not only changes in the economy and the market but changes in their meaning as well. In particular, the evolution of trading technology has changed the meaning of the invisible hand. At the end of the last century, the advent of socioeconophysics became a decisive factor in the emergence of a new economic science. This emergence has coincided with changes in the implications of the economy and the market, which consequently require a redomaining of economic science. In this new enterprise, the joint efforts of many scientists outside traditional economics have brought brilliant achievements such as power law distribution and network analysis, among others. However, the more diverse the backgrounds of economic scientists, the less integrated the common views among them may be, resulting in a sometimes perplexing potpourri of economic terminology. This book helps to mitigate those differences, shedding light on current alternative economic theories and how they have evolved.

Briefing on the evolving doctrines of economic theory of the last two centuries Investigation of the change in meanings of the economy and the market and the associated theories Integrative analysis of the evolution of economic theories and the history of social systems

Autorentext

Yuji Aruka, Chuo University

Inhalt
1 Historical reviews around evolving ideas of the Invisible Hand.- 2 The historic design of the Demand Law and its reconstruction.- 3 Network analysis of production and its renewal.- 4 Matching mechanism differences between classical and financial markets.- 5 The evolution of the market and its growing complexity.- 6 The complexities generated by the movement of the market economy.