Economic Evolutionary Self-Organizing Systems: an Effective Characterization of Economic Evolution
Evolving economies can be formally represented in various forms. One of the possibilities we explore is ESO systems, which are basically cellular automata with endogenous rules of change. Another possibility is to consider economic evolution as the result of the nested application of rules of change on certain structures we call economic systems. Both approaches show disadvantages: ESO systems are too general and arbitrary, while the application of rules to rules lacks in most cases an effective ("computable") characterization. To get the best from both worlds, we define a notion of economic ESO systems. We show that these systems are equivalent to elements of a subclass of economic systems. The systems in this subclass can be effectively represented, with the extra bonus that the crucial role we assume knowledge plays in the mechanism of economic evolution becomes explicit.
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|Date of creation:||01 Mar 1999|
|Contact details of provider:|| Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA|
Web page: http://fmwww.bc.edu/CEF99/
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