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The Economy as an Evolving Complex System, IIICurrent Perspectives and Future Directions$
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Lawrence E. Blume and Steven N. Durlauf

Print publication date: 2005

Print ISBN-13: 9780195162592

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195162592.001.0001

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Perspectives on the Economy as an Evolving Complex System

Perspectives on the Economy as an Evolving Complex System

Chapter:
(p.243) Perspectives on the Economy as an Evolving Complex System
Source:
The Economy as an Evolving Complex System, III
Author(s):

Larry Samuelson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195162592.003.0010

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.

Keywords:   microfoundations, social interactions, lacuna, consumption interdependences, equilibrium

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