Market Stability in Light of Behavioral and Evolutionary Economics
The article gives an overview of the main approaches to the analysis of market and economy laws that have evolved over the history of economic thought: neoclassical economics, Keynesianism, the Austrian/Chicago School, behavioral economics, and evolutionary economics, and reaches the conclusion that none of these theories alone is sufficient to account for various phenomena in the new economy of the 21st century, such as globalization or the development of new technologies. An original model of firm DNA is proposed, which can be used to analyze and measure the key components of enterprise structure drawing on the achievements of behavioral economics. The view is presented that the firm and its components, functioning in an economic ecosystem, show similarities in the way they function and the tendencies they reveal to a population of living organisms in a biological ecosystem. (original abstract)
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