This volume – Predicting Crisis: Five Essays on the Mathematic Prediction of Economic and Social Crises – is the first of three sets of essays. In this first set the economic and social history of the United States is shown to be a “system of movement,” i.e. a logical and mathematic...

An evolutionary model of the product life cycle is applied to derive the experience curve and the market size of (expensive) durable goods. The experience (learning) curve suggests that the real costs per unit decrease with an increasing cumulative output (Henderson's law). Based on the idea...

Polanyi analyzes the historical deployment of a "formal" economic science starting from the triptych "market-rarety- instrumental rationality ". It reveals this triptych, and the knowledge which is devoted to it, as being a part of a question broader than should analyze a "substantial" economic...

Many students of evolutionary, institutional, and cognitive economics have been aware that important links among these fields exist, and several authors have worked on bringing these links to light. Nevertheless, large parts of these links still remain poorly understood. Low interest in...

Economic behavior strives for efficiency. Therefore, also evolving network structures should be a result of such a goal-oriented behavior. Traditionally, networks were assumed to be only temporary phenomena, since the prevailing organizational forms that comply with the efficiency postulate are...

Like Nelson (2002), I make a case for bringing institutions into evolutionary economics. But unlike Nelson, who defines institutions as social technologies consisting of rules-routines, I define them in agreement with North (1990) as humanly devised rules-constraints — such as formal law and...

The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This...

The main idea of the paper is to explain the essence of transformation of the Russian economy on the basis of the new institutional matrices theory developed by the author. The paper focuses on the objective process of self-organization of socioeconomic structure on the given stage of Russia"s...

This study presents a variant for synthesis of the essential categories utility and value on the level of society. The labour theory of value and the theory of marginal utility are the starting base. Worth (as distinct from value) is the integrating category. That is why the synthesis can be...

Egy olyan esszét adunk most közre, amelyet Coase 1973-ban az Amerikai Közgazda sági Társaság éves közgyűlésén adott elő. A szöveg régi, ám a benne foglaltak saj nálatos módon ma épp úgy aktuálisak, mint annak idején. Valószínűleg ezért is dön tött úgy a szerző, hogy...