Civilization divergence. Economic chaos and evolutionary economic dynamics

Author: Chen Ping
Publisher:
Publish Date: 2005-03-01
Features: This is a collection of papers by the author on participating in and establishing modern complex economic science, spanning fields such as comparative history, 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 market fluctuations. Starting from quantitative analysis of macroeconomic and stock market movements, as well as historical case studies, the author challenges the basic models of equilibrium economics and econometrics, uncovering the major fallacies of prominent concepts such as efficient markets, noise-driven dynamics, rational expectations, and microfoundations. The author has developed a unified nonlinear economic evolutionary dynamics theory 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.