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The Economy as an Evolving Complex System, IIICurrent Perspectives and Future Directions$
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Lawrence E. Blume and Steven N. Durlauf

Print publication date: 2005

Print ISBN-13: 9780195162592

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195162592.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

Perspectives on the Economy as an Evolving Complex System

Perspectives on the Economy as an Evolving Complex System

(p.243) Perspectives on the Economy as an Evolving Complex System
The Economy as an Evolving Complex System, III

Larry Samuelson

Oxford University Press

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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