IDEAS home Printed from https://ideas.repec.org/a/spr/joevec/v23y2013i1p1-15.html
   My bibliography  Save this article

A new formal approach to evolutionary processes in socioeconomic systems

Author

Listed:
  • Rodrick Wallace

Abstract

Generalized Darwinian evolutionary theory has emerged as central to the description of economic process (e.g., Aldrich et al., J Evol Econ 18:577–596, 2008 ). Just as Darwinian principles provide necessary, but not sufficient, conditions for understanding the dynamics of social entities, so too the asymptotic limit theorems of information theory instantiate another set of necessary conditions that constrain socioeconomic evolution. These restrictions can be formulated as a statistics-like analytic toolbox for the study of empirical data that is consistent with generalized Darwinism, but escapes the intellectual straightjacket of replicator dynamics. The formalism is a coevolutionary theory in which punctuated convergence to temporary quasi-equilibira is inherently nonequilibrium, involving highly dynamic ‘languages’ rather than system stable points. Copyright Springer-Verlag 2013

Suggested Citation

  • Rodrick Wallace, 2013. "A new formal approach to evolutionary processes in socioeconomic systems," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 1-15, January.
    • Handle: RePEc:spr:joevec:v:23:y:2013:i:1:p:1-15
    DOI: 10.1007/s00191-011-0237-1
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s00191-011-0237-1
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s00191-011-0237-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Beinhocker, Eric D., 2011. "Evolution as computation: integrating self-organization with generalized Darwinism," Journal of Institutional Economics, Cambridge University Press, vol. 7(3), pages 393-423, September.
    2. U. Dieckmann & R. Law, 1996. "The Dynamical Theory of Coevolution: A Derivation from Stochastic Ecological Processes," Working Papers wp96001, International Institute for Applied Systems Analysis.
    3. J. W. Stoelhorst, 2008. "The explanatory logic and ontological commitments of generalized Darwinism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 15(4), pages 343-363.
    4. Wymer, Clifford R., 1997. "Structural Nonlinear Continuous-Time Models In Econometrics," Macroeconomic Dynamics, Cambridge University Press, vol. 1(2), pages 518-548, June.
    5. Andrew G. Haldane & Robert M. May, 2011. "Systemic risk in banking ecosystems," Nature, Nature, vol. 469(7330), pages 351-355, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Horst Hanusch & Lekha S. Chakraborty & Swati Khurana, 2017. "Fiscal Policy, Economic Growth and Innovation: An Empirical Analysis of G20 Countries," Economics Working Paper Archive wp_883, Levy Economics Institute.
    2. Wallace, Rodrick & Fullilove, Robert E., 2014. "State policy and the political economy of criminal enterprise: mass incarceration and persistent organized hyperviolence in the USA," Structural Change and Economic Dynamics, Elsevier, vol. 31(C), pages 17-31.
    3. Horst Hanusch & Lekha Chakraborty & Swati Khurana, 2016. "Public Expenditures, Innovation and Economic Growth: Empirical Evidence from G20 Countries," Discussion Paper Series 329, Universitaet Augsburg, Institute for Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gamberger, Dragan & Smuc, Tomislav, 2013. "Good governance problems and recent financial crises in some EU countries," Economics Discussion Papers 2013-39, Kiel Institute for the World Economy (IfW Kiel).
    2. Fariba Karimi & Matthias Raddant, 2016. "Cascades in Real Interbank Markets," Computational Economics, Springer;Society for Computational Economics, vol. 47(1), pages 49-66, January.
    3. Shogo Mizutaka & Kousuke Yakubo, 2017. "Structural instability of large-scale functional networks," PLOS ONE, Public Library of Science, vol. 12(7), pages 1-11, July.
    4. Spagano, Salvatore, 2021. "Generalized Darwinism: An Auxiliary Hypothesis," MPRA Paper 108829, University Library of Munich, Germany.
    5. Paulo Ferreira & Éder J.A.L. Pereira & Hernane B.B. Pereira, 2020. "From Big Data to Econophysics and Its Use to Explain Complex Phenomena," JRFM, MDPI, vol. 13(7), pages 1-10, July.
    6. Li, Fei & Kang, Hao & Xu, Jingfeng, 2022. "Financial stability and network complexity: A random matrix approach," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 177-185.
    7. John Rutledge, 2015. "Economics as energy framework: Complexity, turbulence, financial crises, and protectionism," Review of Financial Economics, John Wiley & Sons, vol. 25(1), pages 10-18, April.
    8. Isma il Tijjani Idris & Sabri Nayan, 2017. "A Pooled Mean Group Approach to the Joint Effects of Oil Price Changes and Environmental Risks on Non-Performing Loans: Evidence from Organisation of the Petroleum Exporting the Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 7(3), pages 345-351.
    9. Martínez, Constanza & León, Carlos, 2016. "The cost of collateralized borrowing in the Colombian money market: Does connectedness matter?," Journal of Financial Stability, Elsevier, vol. 25(C), pages 193-205.
    10. Yamamoto, Shugo, 2020. "Banking Network Multiplier effects on cross-border bank inflows," International Review of Economics & Finance, Elsevier, vol. 70(C), pages 493-507.
    11. Mark Paddrik & H. Peyton Young, 2016. "Contagion in the CDS Market," Working Papers 16-12, Office of Financial Research, US Department of the Treasury.
    12. X. Zhang & L. D. Valdez & H. E. Stanley & L. A. Braunstein, 2019. "Modeling Risk Contagion in the Venture Capital Market: A Multilayer Network Approach," Complexity, Hindawi, vol. 2019, pages 1-11, December.
    13. Åke Brännström & Jacob Johansson & Niels Von Festenberg, 2013. "The Hitchhiker’s Guide to Adaptive Dynamics," Games, MDPI, vol. 4(3), pages 1-25, June.
    14. Carlos León, 2020. "Banks in Colombia: How Homogeneous Are They?," Revista de Economía del Rosario, Universidad del Rosario, vol. 23(2), pages 1-32, December.
    15. Nonaka, Etsuko & Kuparinen, Anna, 2023. "Limited effects of size-selective harvesting and harvesting-induced life-history changes on the temporal variability of biomass dynamics in complex food webs," Ecological Modelling, Elsevier, vol. 476(C).
    16. Kyu-Min Lee & Kwang-Il Goh, 2016. "Strength of weak layers in cascading failures on multiplex networks: case of the international trade network," Papers 1603.05181, arXiv.org, revised May 2016.
    17. Leonardo Massai & Giacomo Como & Fabio Fagnani, 2019. "Equilibria and Systemic Risk in Saturated Networks," Papers 1912.04815, arXiv.org, revised Jan 2021.
    18. Beteto Wegner, Danilo Lopomo, 2014. "Network Formation and Financial Fragility," Risk and Sustainable Management Group Working Papers 179222, University of Queensland, School of Economics.
    19. Miloš Krstić, 2012. "The Role Of Rules In The Evolution Of The Market System: Hayek’S Concept Of Evolutionary Epistemology," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(194), pages 123-140, July - Se.
    20. Cressman, Ross & Hofbauer, Josef & Riedel, Frank, 2005. "Stability of the Replicator Equation for a Single-Species with a Multi-Dimensional Continuous Trait Space," Bonn Econ Discussion Papers 12/2005, University of Bonn, Bonn Graduate School of Economics (BGSE).

    More about this item

    Keywords

    Cognition; Coevolution; Competition; Information theory; Interaction; Punctuated equilibrium; Selection; B52; C61; D02; L10; P50; Z10;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joevec:v:23:y:2013:i:1:p:1-15. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.