Increasing Returns and Path Dependence in the Economy

By W. Brian Arthur

Subjects: Economics, System -- Development, Micro Economics
Paperback : 9780472064960, 224 pages, numerous figures, tables, 6 x 9, October 1994
Ebook : 9780472022403, 224 pages, numerous figures, tables, November 2009
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DOI: https://doi.org/10.3998/mpub.10029
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Pioneering work on an important new approach to economics.

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Table of Contents:

  • 1. Positive Feedbacks in the Economy
  • 2. Competing Technologies, Increasing Returns, and Lock-In by Historical Small Events
  • 3. Path-Dependent Processes and the Emergence of Macrostructure / W. Brian Arthur, Yuri M. Ermoliev and Yuri M. Kaniovski
  • 4. Industry Location Patterns and the Importance of History
  • 5. Information Contagion / W. Brian Arthur and David A. Lane
  • 6. Urban Systems and Historical Path Dependence
  • 7. Self-Reinforcing Mechanisms in Economics
  • 8. Path Dependence, Self-Reinforcement, and Human Learning
  • 9. Strategic Pricing in Markets with Increasing Returns / W. Brian Arthur and Andrzej Ruszczynski
  • 10. Strong Laws for a Class of Path-Dependent Stochastic Processes / W. Brian Arthur, Yuri M. Ermoliev and Yuri M. Kaniovski.

Description

This book brings together Professor Arthur’s pioneering article and provide a comprehensive presentation of his exciting vision of an economics that incorporates increasing returns. After a decade of resistance from economists, these ideas are now being widely discussed and adopted, as Kenneth Arrow recounts in his foreword. In fundamental ways they are changing our views of the working economy.

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