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Complexity and EvolutionToward a New Synthesis for Economics$
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David S Wilson and Alan Kirman

Print publication date: 2016

Print ISBN-13: 9780262035385

Published to MIT Press Scholarship Online: May 2017

DOI: 10.7551/mitpress/9780262035385.001.0001

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Evolution and Market Complexity

Evolution and Market Complexity

Chapter:
(p.47) 4 Evolution and Market Complexity
Source:
Complexity and Evolution
Author(s):

John E. Mayfield

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262035385.003.0004

Many complexities in our world come about through the use of preexisting purposeful information. This information may be structured in various ways (e.g., instructions, recipes, algorithms, rules, rules of thumb, business plans, and expert knowledge) and, if followed, directs the formation of something which otherwise would not have existed. This chapter argues that information organized in this way must ultimately arise as the output of an evolutionary computation. Because of this, an evolutionary process underlies most everything that characterizes human existence. This principle includes economics and markets. This chapter addresses whether or not understanding the fundamental role of evolutionary computation for enabling human and biological complexity provides useful insight into market behaviors and introduces the basic concepts necessary to have this discussion.

Keywords:   Strüngmann Forum Reports, complex adaptive systems, complexity, evolution, information, markets, social evolution

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