The Evolution of the Economic Sciences

In an era of increasingly complex financial ecosystems, this book explores the evolving relationship between market mechanisms and human behavior. Bridging the gap between economics and the natural sciences, it presents a dynamic framework that uses analogies from physics, chemistry, and evolutionary biology to illuminate the connections between psychological, social, and financial principles.

The book discusses foundational and contemporary models, such as Keynesian and Hayekian thought, the Keynes-Ramsey rule, the Blinder-Solow model, Bellman's principle of optimality, dynamic stochastic general equilibrium (DSGE) frameworks, and replicator dynamics. Topics covered include disequilibrium, stochastic processes, ergodicity, hysteresis, and chaos theory. Additionally, the book examines the strategic dimensions of monetary and fiscal policy through the lenses of optimal control and game theory.

Designed for economists, financial theorists, and interdisciplinary scholars, this book provides theoretical depth and practical insight into the global interdependencies of markets, policy, and trade. It is an essential resource for understanding the dynamic forces shaping modern financial systems.

Presents the evolution of economic thought from Adam Smith to Joseph Schumpeter Engages with the latest discoveries in biological and evolutionary sciences for the future development of economics Discusses the dynamic nature of economies and the importance of embracing disequilibrium

Autorentext

After excelling at the gymnasium, József Móczár was admitted in 1964 to the Karl Marx University of Economics in Budapest, Hungary, where he studied planning and mathematics. After graduating, he worked as an assistant professor in the Department of Economic Planning, where he began a distinguished career in economic research and academia.

From 1981 to 1983, he conducted research at the Institute of Social and Economic Research (ISER) at Osaka University under a Monbusho scholarship, returning in 1991 as a visiting research professor. He earned his PhD from Osaka University, Japan, and habilitated at Corvinus University of Budapest in 1994, where he was subsequently appointed as a full professor.

In 1996 97, he researched as a Fulbright Visiting Professor at the University of Southern California in Los Angeles, USA. His academic achievements were further recognised in 2011 with the award of a Doctor of Science (DSc) degree from the Hungarian Academy of Sciences. Since 2016, he has held the title of Emeritus Professor at Corvinus University of Budapest.

Inhalt

Chapter 1. Refreshing the Evolution of Economics - An Introduction.- Chapter 2. The Genesis of Neoclassical Economics.- Chapter 3. Cost-Value vs. Utility-Value Economics: G. C. Evans vs. F. P. Ramsey.- Chapter 4. Extensions of Ramsey Model.- Chapter 5. Trygve Magnus Haavelmo and the Stochastic Revolution.- Chapter 6. Mathematical Formalism in Economics.- Chapter 7. John von Neumann and Game Theory.- Chapter 8. Alfred Cowles' Investments: New Methods in Econometrics and Mathematical Economics.- Chapter 9. Bourbaki Mathematics and Debreu's Axiomatic Economic Theory With Mother Structure.- Chapter 10. General Equilibrium vs. Nonequilibrium in Economics.- Chapter 11. Thermodynamics and Evolution.- Chapter 12. Nöther's Theorem and the Lie Symmetries in the Goodwin-Model.- Chapter 13. Evolution in Dynamic Systems.- Chapter 14. Theoretical and Empirical Dynamic Economic Models.- Chapter 15. Nonlinear Dynamics and Structural Stability of the Harrod Model.- Chapter 16. Chaotic Dynamics in Classical Growth Theories in Closed and Open Economies.- Chapter 17. Modern Economics and Stabilization Economic Policy.- Chapter 18. Ergodic Versus Uncertain Financial Processes.- Chapter 19. A New Family Tree in Economics.- Chapter 20. Mathematical Modeling of Economic Hysteresis.- Chapter 21. Schumpeter in the Light of Evolutionary Biology and Evolutionary Game Theory.