Nov 16, 2017

The Microeconomics of Complex Economies

Evolutionary, Institutional, Neoclassical, and Complexity Perspectives

Wolfram Elsner, Torsten Heinrich, and Henning Schwardt

Hosted by Andrea Bernardi

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Summary

In this interview, two of the three authors (Wolfram Elsner and Torsten Heinrich) of The Microeconomics of Complex Economies: Evolutionary, Institutional, Neoclassical, and Complexity Perspectives (Elsevier, 2014) discuss their new book of Microeconomics and position it in the heterodox-orthodox debate. This formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. This interview, as the final chapter on policy perspectives and decisions, explains the value of the toolset as the highly interdependent economy of the 21st century demands a reconsideration of economic theories. The book has been awarded the 2017 Myrdal Prize by EAEPE, the European Association for Evolutionary Political Economy, Ex aequo with Marc Lavoie for his book on Post-Keynesian Economics: New Foundations (Edward Elgar, 2014).

Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPEs permanent track on Critical Management Studies.