The field of microeconomic theory is about to be changed by a new movement. Focusing on the dynamics of economic systems, this breakthrough approach is built on the complementary concepts of self-organization and evolution. This book considers the movement from various points of view.

The field of microeconomic theory is about to be shaken by a revolutionary new movement. Focusing on the dynamics of economic systems, this breakthrough approach is built on the complementary concepts of self-organization and evolution. In this book, leading economic theorists consider the movement and its different aspects from varying points of view. To provide a comprehensive overview of these developments, the book looks at five key factors. The authors begin with the evolutionary aspects of firm and consumer behaviour, then explore some of the systems that enable markets to self-organize, and review the dynamics of technological systems. Next, evolutionary approaches to economic growth, with explicit microfoundations, are presented, and the book concludes by analyzing different learning processes in the context of evolutionary game theory. With its general focus on the dynamic processes of a knowledge-based economy, this book is intended as a resource for gaining greater understanding of the complexity of real economic systems.