Dedicated to the goal of furthering evolutionary economic analysis, this book provides a coherent scientific approach to deal with the real world of continual change in the economic system. Expansive in its scope, this book ranges from abstract discussions of ontology, analysis and theory to...

This paper investigates the common intuition suggesting that during crises the shape of the financial market clearly differentiates from that of random walk processes. In this sense, it challenges the traditional analysis of the nature of financial markets implicit in the most popular models....

Using a metric related to the returns correlation, a method is proposed to reconstruct an economic space from the market data. A reduced subspace, associated to the systematic structure of the market, is identified and its dimension related to the number of terms in factor models. Examples were...

Due to their unpredictable behavior, stock markets are examples of complex systems. Yet, the dominant analysis of these markets as- sumes simple stochastic variations, eventually tainted by short-lived memory. This paper proposes an alternative strategy, based on a stochastic geometry de¯ning a...

The paper investigates the “widest cleft”, as Savage put it, between frequencists in the foundation of modern statistics: that opposing R.A. Fisher to Jerzy Neyman and Egon Pearson. Apart from deep personal confrontation through their lives, these scientists could not agree on methodology,...

This paper investigates the common intuition suggesting that during crises the shape of the financial market clearly differentiates from that of random walk processes. In this sense, it challenges the analysis of the nature of financial markets proposed by Fama and his associates. For this, a...

The Internet and mobile telephones have made everyone more aware than ever of the computer revolution and its effects on the economy and society. 'As Time Goes By' puts this revolution in the perspective of previous waves of technical change: steam-powered mechanization, electrification, and...