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Manifesto of Dynamic Social Economics

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  • Leonardo Boncinelli

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Abstract

Numerous contributions in the last decades are based on similar inspiratory principles, which, at least if considered altogether, are highly innovative with respect to the existing tradition in economics. This paper is a perspective and speculative guess aiming at identifying the gist of this ongoing change in economics and at promoting its accomplishment. First, the features characterizing what I argue is a new approach to economic theorizing – labelled “dynamic social economics” – are presented and extensively discussed. Then, given the prominence of some mathematical techniques as general tools of analysis for this kind of models, a synthetic survey of the main relevant results is provided.

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 517.

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Date of creation: Oct 2007
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Handle: RePEc:usi:wpaper:517

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Keywords: evolution; dynamics; social economics; limited cognitive capabilities; perturbed Markov chains;

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  1. Charles F. Manski, 2000. "Economic Analysis of Social Interactions," NBER Working Papers 7580, National Bureau of Economic Research, Inc.
  2. Schelling, Thomas C, 1969. "Models of Segregation," American Economic Review, American Economic Association, vol. 59(2), pages 488-93, May.
  3. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-93, Nov.-Dec..
  4. Hodgson, Geoffrey M., 1997. "Economics and the return to Mecca: The recognition of novelty and emergence," Structural Change and Economic Dynamics, Elsevier, vol. 8(4), pages 399-412, October.
  5. Richard R. Nelson & Sidney G. Winter, 2002. "Evolutionary Theorizing in Economics," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 23-46, Spring.
  6. Ellison, Glenn, 2000. "Basins of Attraction, Long-Run Stochastic Stability, and the Speed of Step-by-Step Evolution," Review of Economic Studies, Wiley Blackwell, vol. 67(1), pages 17-45, January.
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