Evolvodynamics - The Mathematical Theory Of Economic Evolution: A Coherent Way Of Interpreting Time, Scarceness, Value And Economic Growth (lecture Notes In Economics And Mathematical Systems)

Dissatisfied with the flaws of orthodox economics, the author proposes to base economic theory on the three principles of Darwinian evolution (variation, inheritance, selection). Pursuing a suggestion of E.T. Jaynes of 1991, the innovation is in treating economic behavior as chance events of selection. This involves abandoning the methods of mainstream economics and to apply instead the methods by which Claude E. Shannon analyzed information transport over a stationary channel. As economic processes are non-stationary, the author clarifies first how the Shannon-system must be reshaped in a system capable to describe economic evolution mathematically. As economic processes are non-stationary, the author first clarifies how the Shannon system must be reshaped into one capable of describing economic evolutions mathematically. Deriving the universal relations between input, output, the economic growth rate, inflation and money flow involves applying differential sets of selection, Venn diagrams, bitpulses as units of selection and the probability distributions of bitpulses. This is a thought-provocative and highly informative book of which the explanatory power goes far beyond that of traditional economics. It should be on the readers list of everyone concerned with the weal and woe of economic theorizing Dissatisfied With The Flaws Of Orthodox Economics, The Author Proposes To Base Economic Theory On The Three Principles Of Darwinian Evolution (variation, Inheritance, Selection). Pursuing A Suggestion Of E.t. Jaynes Of 1991, The Innovation Is In Treating Economic Behavior As Chance Events Of Selection. This Involves The Abandonment And Trade-in Of Mainstream Economics For The Mathematics Claude E. Shannon Used To Describe Information Transport Over A Stationary Channel. As Economic Processes Are Non-stationary, The Author Clarifies First How The Shannon-system Must Be Reshaped In A System Capa. 1. Darwin- And Shannon-inspired Dynamic Economic Selection -- 2. Sets Of Entropy, Selection, Venn Diagrams And Bitpulses -- 3. The Road From Generalized Darwinism To Evolvodynamics -- 4. Blind And Purposeful Selection -- 5. Exchange And The Circulation Of Entropy -- 6. The Interpretation Of The Economic Variables -- 7. Money And Liquidity, Time, Work And Effectiveness -- 8. Calculation -- 9. Theory And Confirmation. Len H. Wallast. Includes Bibliographical References (pages 273-274) And Index. Front Matter....Pages i-viii Darwin- and Shannon-Inspired Dynamic Economic Selection....Pages 1-27 Sets of Entropy, Selection, Venn Diagrams and Bitpulses....Pages 29-64 The Road from Generalized Darwinism to Evolvodynamics....Pages 65-83 Blind and Purposeful Selection....Pages 85-112 Exchange and the Circulation of Entropy....Pages 113-145 The Interpretation of the Economic Variables....Pages 147-170 Money and Liquidity, Time, Work and Effectiveness....Pages 171-186 Calculation....Pages 187-206 Theory and Confirmation....Pages 207-228 Back Matter....Pages 229-279 This book presents an innovative universal macro-economic theory which uses the three principles of Darwinian evolution: variation, inheritance, selection. It details the mathematics behind the theory and their consequences.