The problem of the collapse of socialism within the former Soviet bloc is examined from the perspective of a Schumpeterian view of technological change and discontinuous evolutionary dynamics. The Schumpeterian mechanism of 'creative destruction' was frustrated in the traditional socialist...

This article argues that the neoclassical era in economics has ended and is being replaced by a new era. What best characterizes the new era is its acceptance that the economy is complex, and thus that it might be called the complexity era. The complexity era has not arrived through a...

This paper reviews the research related to the asymmetric information of George Akerlof, Michael Spence and Joseph Stiglitz, for which they jointly received the 2001 Nobel Prize in Economics. After recounting their overall careers, the history of the asymmetric information idea is presented and...

This article argues that economics is currently undergoing a fundamental shift in its method, away from neoclassical economics and into something new. Although that something new has not been fully developed, it is beginning to take form and is centered on dynamics, recursive methods and...