Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium

Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium

A modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system. The failure of mainstream economists to characterize its dynamics may well be due to its intractability. This paper argues that the characterization of its dynamics becomes almost trivial when it is...

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Main Author: C-Rene DOMINIQUE
Format: Article
Language:English
Published: Sprint Investify 2016-04-01
Series:Expert Journal of Economics
Subjects:
Complexity
Kolmogorov-Sinai Entropy
Shannon Entropy
Lyapunov Spectrum
Lya-punov Dimension
Efficient Policy
Self-Organized Equilibrium
Online Access:http://economics.expertjournals.com/23597704-403/
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spelling doaj-78fde133bc58403985a55b16027e97bb2020-11-24T21:15:35ZengSprint InvestifyExpert Journal of Economics2359-77042016-04-01411423Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized EquilibriumC-Rene DOMINIQUE0Laval University, CanadaA modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system. The failure of mainstream economists to characterize its dynamics may well be due to its intractability. This paper argues that the characterization of its dynamics becomes almost trivial when it is analyzed from the perspective of information production. Whether its Jacobian matrix is specifiable or not, a Lyapunov spectrum can be constructed from which the potential Kolmogorov-Sinai or Shannon entropy can be assessed. However, a self-organized equilibrium must first obtain, and for that a suitable policy must be operational.http://economics.expertjournals.com/23597704-403/ComplexityKolmogorov-Sinai EntropyShannon EntropyLyapunov SpectrumLya-punov DimensionEfficient PolicySelf-Organized Equilibrium
collection DOAJ
language English
format Article
sources DOAJ
author C-Rene DOMINIQUE
spellingShingle C-Rene DOMINIQUE
Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
Expert Journal of Economics
Complexity
Kolmogorov-Sinai Entropy
Shannon Entropy
Lyapunov Spectrum
Lya-punov Dimension
Efficient Policy
Self-Organized Equilibrium
author_facet C-Rene DOMINIQUE
author_sort C-Rene DOMINIQUE
title Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
title_short Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
title_full Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
title_fullStr Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
title_full_unstemmed Analyzing Market Economies from the Perspective of Information Production, Policy, and Self-Organized Equilibrium
title_sort analyzing market economies from the perspective of information production, policy, and self-organized equilibrium
publisher Sprint Investify
series Expert Journal of Economics
issn 2359-7704
publishDate 2016-04-01
description A modern market economy is an exceedingly complex, infinite-dimensional, stochastic dynamical system. The failure of mainstream economists to characterize its dynamics may well be due to its intractability. This paper argues that the characterization of its dynamics becomes almost trivial when it is analyzed from the perspective of information production. Whether its Jacobian matrix is specifiable or not, a Lyapunov spectrum can be constructed from which the potential Kolmogorov-Sinai or Shannon entropy can be assessed. However, a self-organized equilibrium must first obtain, and for that a suitable policy must be operational.
topic Complexity
Kolmogorov-Sinai Entropy
Shannon Entropy
Lyapunov Spectrum
Lya-punov Dimension
Efficient Policy
Self-Organized Equilibrium
url http://economics.expertjournals.com/23597704-403/
work_keys_str_mv AT crenedominique analyzingmarketeconomiesfromtheperspectiveofinformationproductionpolicyandselforganizedequilibrium
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