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Punctuated Equilibrium and Power Law in Economic Dynamics

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  • Abhijit Kar Gupta
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    Abstract

    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 shown to emerge from this model and some detail analyses of the time series indicate SOC kind of behaviours. The focus in the present work is to toss the idea whether the dynamics can really be like a self organized critical (SOC) type. This study indicates that it is necessary to incorporate the concepts of 'fitness' and 'selection' in such a model in the line of the biological evolutionary model by Bak and Sneppen in order to obtain power law and thus SOC behaviour.

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    File URL: http://arxiv.org/pdf/1012.5896
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    Paper provided by arXiv.org in its series Papers with number 1012.5896.

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    Date of creation: Dec 2010
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    Handle: RePEc:arx:papers:1012.5896

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    1. Challet, Damien & Marsili, Matteo & Zhang, Yi-Cheng, 2004. "Minority Games: Interacting agents in financial markets," OUP Catalogue, Oxford University Press, number 9780198566403.
    2. J. Doyne Farmer, 1998. "Market Force, Ecology, and Evolution," Research in Economics 98-12-117e, Santa Fe Institute.
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