Non-equilibrium economics


A microeconomic, agent based framework to dynamic economics is formulated in a materialist approach. An axiomatic foundation of a non-equilibrium microeconomics is outlined. Economic activity is modelled as transformation and transport of commodities (materials) owned by the agents. Rate of transformations (production intensity), and the rate of transport (trade) are defined by the agents. Economic decision rules are derived from the observed economic behaviour. The non-linear equations are solved numerically for a model economy. Numerical solutions for simple model economies suggest that the some of the results of general equilibrium economics are consequences only of the equilibrium hypothesis. We show that perfect competition of selfish agents does not guarantee the stability of economic equilibrium, but cooperativity is needed, too.




 

Neumannian economy


In this paper we wish to illustrate that Neumann’s economic model is in close relation with the thermodynamic description of chemical systems. It is not a copy, but a transformation to the special problem of equilibrium growth. It is not the application of thermodynamic results or formula but it is the methodology of thermodynamics. That interpretation explains Neumann’s statement: “It is clear which type of theoretical model belongs to our assumptions”.








On the greatest happiness principle