Perspectives on the Economy as an Evolving Complex System
This chapter explores the microfoundations of social interactions and attempts to address an important lacuna in the theory of social interactions: namely, the absence of a theory as to why social interactions exist (as opposed to their implications). It argues that one way to understand social interactions is that they arise as a consequence of informational or competitive pressures. The chapter shows how these factors can produce consumption interdependences in equilibrium.
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