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Dynamics of Socio-Economic systems: attractors, rationality and meaning

Author

Listed:
  • Andrzej Nowak

    (Institute for Social Studies, University of Warsaw - Institute for Social Studies, University of Warsaw,, Florida Atlantic University [Boca Raton])

  • Jørgen Vitting Andersen

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Wojciech Borkowski

    (University of Social Sciences and Humanities - University of Social Sciences and Humanities)

Abstract

Gintis Helbing and go beyond the traditional boundaries of scientific disciplines and offer the integration of major theories of the main disciplines of the social and natural sciences. The theory captures many ideas of social psychology. Several assumptions of the model, however, can be questioned. The hypothesis that social systems are at equilibrium is too narrow, because social systems can also be out of balance. The concept of dynamic attraction shows that the systems may converge to different types of attractors in accordance with the value of control parameters. The notion of rationality of human behavior can be challenged on the basis of new data of psychology, decision sciences and behavioral economics. Often individuals do not process information, but rather copy the choices of others. Individuals interact by both direct and indirect means – if market mechanisms. More importantly, the social dynamic, unlike physical systems, are governed by a sense. Despite these limitations of the theory and Gintis Helbing is an important step in the integration of social sciences.

Suggested Citation

  • Andrzej Nowak & Jørgen Vitting Andersen & Wojciech Borkowski, 2015. "Dynamics of Socio-Economic systems: attractors, rationality and meaning," Post-Print halshs-01242298, HAL.
  • Handle: RePEc:hal:journl:halshs-01242298
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01242298
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    File URL: https://halshs.archives-ouvertes.fr/halshs-01242298/document
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    References listed on IDEAS

    as
    1. Jørgen Vitting Andersen & Andrzej Nowak, 2013. "An Introduction to Socio-Finance," Springer Books, Springer, edition 127, number 978-3-642-41944-7, January.
    2. Jørgen Vitting Andersen & Andrzej Nowak, 2013. "An introductory to Socio-Finance," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00853994, HAL.
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    Cited by:

    1. Emilian DOBRESCU, 2021. "Potential Output: A Market Conditionalities Interpretation," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 5-38, December.

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    More about this item

    Keywords

    Complex system; adaptive system; general equilibrium;
    All these keywords.

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