Bounded rationality provides a fundamental economic explanation for non-rational modes of behavior. These non-rational modes underlie both the erratic perturbations of entrepreneurship and the systematic waves of diffusion they initiate which in turn guarantee that the economy operates out of...

[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...

Our concern is with economizing behavior when preferences depend on experience. It is shown that such dependence, reflecting 'deep psychological structure', even when it is stable or habit forming in a fixed environment, can be destabilizing in a market context when prices are adjusting, even...

No abstract.

During his lifetime Hyman Minsky made a seminal contribution to the development of financial Keynesianism. In this book, leading academics celebrate his work and explore his economic legacy. Special attention is paid to his work on contemporary economic method, the Great Depression, the European...

Complexity research draws on complexity in various disciplines. This Handbook provides a comprehensive and current overview of applications of complexity theory in economics. The 15 chapters, written by leading figures in the field, cover such broad topic areas as conceptual issues,...

Reply to comments Nelson, Jon P. 1971. Letter to the editor--A note on the economics of metallurgical coke production. Management Sci. 18(4, Part I, December) B237-B239.

Nonnormative models of aggregative agricultural production are frequently based on the correlation of output variables with prices (usually lagged) and outputs lagged over time. "Structural" models of this kind relate these correlations indirectly to the behavioral and technical structure that...