[eng] This paper introduces a new micro foundation for economic theory that is 1) based on alternative modes of economizing behavior ; 2) that incorporates transactions that can occur out of equilibrium ; and 3) mat, in addition to individual feasability, requires the satisfaction of explicit...

[eng] The concepts of bounded rationality and related modes of adaptive behavior help explain why specific market mechanisms and institutions are needed to mediate exchange ; why the economy must evolve out of equilibrium ; why democratic capitalism changes so rapidly ; why socialist systems...