Evolvodynamics - The Mathematical Theory of Economic Evolution: A Coherent Way of Interpreting Time, Scarceness, ... (Paperback)

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ITEM# 14773992
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    ITEM#: 14773992

    Len Wallast graduated from Delft University in Communication Engineering and became soon involved in fundamental research in that domain. He is an expert in communication/information theory and time series analysis and managed a mathematics department at Royal Philips. After he graduated with distinction at Rotterdam Erasmus University in economics he led a middle sized accounting firm bearing his name. He kept combining his business orientation with an intense scientific commitment to the theory of macro-economics. He surmised a narrow relationship between Darwinian evolutionary principles, macro-economics and Shannon’s communication theory at an early stage already many years ago. The concrete shape of this lifelong enterprise that involves the abandonment and trade-in of the methods of mainstream economics for the applied mathematical methods of the kind Shannon employed is reflected in the present work.

    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.

    Specs

    ISBN 9783642340550
    Genre BUSINESS & ECONOMICS / Development / Economic Development
    Format Paperback
    Pages 240
    Publisher Date 2013-03-23 00:00:00.0
    Publisher Springer Verlag
    Copyright Year 2013
    Height 9.0 in
    Wdth 6.0 in
    Thickness 0.75 in
    Unit weight 0.9 lb
    Language English
    Subtitle A Coherent Way of Interpreting Time, Scarceness, Value and Economic Growth
    Series Name Lecture Notes in Economics and Mathematical Systems
    Series Volume Number 665
    Audience College/higher education
    Authors Wallast, Len H.
    Country of Origin United States

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