Markets, Technology and Economic Evolution
Rethinking Economics is a major contribution to the reconstruction of an economic theory appropriate to the 21st century.
Just as major changes are occurring in the world economy, economics itself is on the brink of change. Orthodox economics is now widely criticized for its sterility and its limited applicability to real-world economic problems. Standard theoretical tools such as general equilibrium theory are now regarded, even by their leading practitioners, as highly limited and problematic.
New ideas from chaos theory, evolutionary modelling and institutional theory point to new, non-reductionist approaches in which there are units of analysis other than the atomistic individual. This work addresses core economic concepts, such as individual choice, prices, markets, production, industries, technology, innovation and economic growth in the light of these developments.
This unique, up-to-date volume makes a seminal contribution at the frontiers of economic theory.
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What Reviewers Are Saying
`Hobday provides an extraordinary interesting blow-by-blow account of how East Asian firms developed their present formidable competencies in electronics technology. . . . he also provides a fascinatingly detailed account of a large number of East Asian companies that currently are quite sophisticated in electronics.' -- R. Nelson, Research Policy `This is a well-written and important book which should be required reading for anyone wishing to understand the pattern of advantage in electronics, the rise of East Asia, and the process of technological catch-up for latecomer countries.' -- Andrew Tylecote, Prometheus `Innovation in East Asia tackles the complex but previously neglected issue of technology acquisition in a clear, concise and rigorous analytical manner. It represents the first substantive study of the critical role of technology in the growth performance of the Asian NICs and provides useful insights into the origins of East Asian economic success.' -- Robert Read, Business History `Hobday presents a persuasive, even compelling argument. More importantly, by devoting most of his analysis to the internal workings of firms, he addresses a large gap in the literature on East Asian development. . . Innovation in East Asia is well worth reading. . . . his book offers valuable insights and constitutes a much needed addition to the literature on East Asian development.' -- Timothy C. Lim, Korean Studies