Non-equilibrium economics

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Non-equilibrium economics deals with processes that exhibit self-reinforcing causation, as opposed to standard neoclassical equilibrium economics. This approach is represented by modern researchers in the fields of evolutionary-institutional economics, Post Keynesian economics, Ecological Economics, development and growth economics. The early contributions to this theory were made by T.B. Veblen, Gunnar Myrdal, Karl William Kapp and Nicholas Kaldor. Many contributions have been made to this field in recent years, such as "The Foundations of Non-Equilibrium Economics: The Principle of Circular Cumulative Causation" (2009), Routledge.

Related fields of economics include Complexity economics and Evolutionary economics.

References

Berger, S. (2009) "The Foundations of Non-Equilibrium Economics: The Principle of Circular Cumulative Causation", Routledge.

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