Perspectives on the Economy as an Evolving Complex System
Perspectives on the Economy as an Evolving Complex System
This chapter explores the microfoundations of social interactions and attempts to address an important lacuna in the theory of social interactions: namely, the absence of a theory as to why social interactions exist (as opposed to their implications). It argues that one way to understand social interactions is that they arise as a consequence of informational or competitive pressures. The chapter shows how these factors can produce consumption interdependences in equilibrium.
Keywords: microfoundations, social interactions, lacuna, consumption interdependences, equilibrium
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