Civilization divergence, economic chaos and evolutionary economic dynamics

Author: Chen Ping
Publisher:
Publish Date: 2004-09-01
Features: This is a collection of papers by the author on participating in and establishing modern complex economic science, spanning fields such as comparative historiography, theoretical ecology, economic dynamics, social psychology, and non-equilibrium physics to explore two fundamental issues in the social sciences: the evolutionary mechanisms of labor division and the internal causes of sustained fluctuations in the market economy. Starting from quantitative analysis of macro trends and stock market movements, as well as historical case studies, the author challenges the basic models of equilibrium economics and econometrics, uncovering the profound fallacies of widely accepted concepts such as efficient markets, noise-driven processes, rational expectations, and microfoundations. The author develops a unified theory of nonlinear economic evolutionary dynamics to understand long-term divergences between Eastern and Western civilizations spanning millennia, as well as short-term technological revolutions and economic fluctuations occurring over several years.