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Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-organized Equilibrium

Author

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  • C-Rene DOMINIQUE

    (Laval University, Canada)

Abstract

A modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system. The failure of mainstream economists to characterize its dynamics may well be due to its intractability. This paper argues that the characterization of its dynamics becomes almost trivial when it is analyzed from the perspective of infor-mation production. Whether its Jacobian matrix is specifiable or not, a Lyapunov spectrum can be constructed from which the potential Kolmogorov-Sinai or Shannon entropy can be assessed. However, a self-organized equilibrium must first obtain, and for that a suitable policy must be operational.

Suggested Citation

  • C-Rene DOMINIQUE, 2016. "Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-organized Equilibrium," Expert Journal of Economics, Sprint Investify, vol. 4(1), pages 14-23.
    • Handle: RePEc:exp:econcs:v:4:y:2016:i:1:p:14-23
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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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