Increasing Returns and Path Dependence in the Economy (Economics, Cognition, And Society)

Pioneering work on an important new approach to economics. 1. Positive Feedbacks In The Economy -- 2. Competing Technologies, Increasing Returns, And Lock-in By Historical Small Events -- 3. Path-dependent Processes And The Emergence Of Macrostructure / W. Brian Arthur, Yuri M. Ermoliev And Yuri M. Kaniovski -- 4. Industry Location Patterns And The Importance Of History -- 5. Information Contagion / W. Brian Arthur And David A. Lane -- 6. Urban Systems And Historical Path Dependence -- 7. Self-reinforcing Mechanisms In Economics -- 8. Path Dependence, Self-reinforcement, And Human Learning -- 9. Strategic Pricing In Markets With Increasing Returns / W. Brian Arthur And Andrzej Ruszczynski -- 10. Strong Laws For A Class Of Path-dependent Stochastic Processes / W. Brian Arthur, Yuri M. Ermoliev And Yuri M. Kaniovski. W. Brian Arthur ; With A Foreword By Kenneth J. Arrow. Includes Bibliographical References. This book brings together Professor Arthur's pioneering article and provide a comprehensive presentation of his exciting vision of an economics that incorporates increasing returns. After a decade of resistance from economists, these ideas are now being widely discussed and adopted, as Kenneth Arrow recounts in his foreword. In fundamental ways they are changing our views of the working economy. Brings together Professor Arthur's pioneering article and provides a comprehensive presentation of his exciting vision of an economics that incorporates increasing returns. After a decade of resistance from economists, these ideas are now being widely discussed and adopted, as Kenneth Arrow recounts in his foreword.