Self-Regulation of Market Economy: Interdisciplinary Analysis

Paata Leiashvily
Tbilisi State University, Department of Economics, Tbilisi, Republic of Georgia

Series: Economic Issues, Problems and Perspectives
BISAC: BUS069000

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Volume 10

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Special issue: Resilience in breaking the cycle of children’s environmental health disparities
Edited by I Leslie Rubin, Robert J Geller, Abby Mutic, Benjamin A Gitterman, Nathan Mutic, Wayne Garfinkel, Claire D Coles, Kurt Martinuzzi, and Joav Merrick

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Due to the dialectical analysis of fundamental economic categories, the market economy appears as a complex, nonlinear, functionally closed (but causally open) system of economic actions. Such systems have a number of unique properties that have been well studied in chaos theory, constructivism and second-order cybernetics. This allows for the study of economic processes to involve unique research and development of these fields in the format of interdisciplinary analysis.

In this monograph, a mathematical model of general economic equilibrium (i.e. the model of the attractor) is proposed, for which a decentralized economy always strives towards by virtue of the immanent logic of the development of intrasystem processes (but never reaches it because of the permanent impact of natural and social environments).
(Imprint: Nova)

Preface

Acknowledgment

Introduction

1. Interdisciplinary Discourse

2. Dialectics of Economic Categories

3. "Symmetric Model" of Economic Equilibrium

4. Operational Closeness of Complex Systems

5. Business Cycles

6. Enigma of Adam Smith

Conclusion

References

Index

“ ... the author preliminary explores the dialectical relationship between the different economic functions and comes to the conclusion about the functional closeness of decentralized economic system. To justify his ideas the author actively refers to the writings of sociologists Talcott Parsons and Niklas Luhmann. As a result of this approach, Professor P. Leiashvily tries to put into scientific circulation of theoretical economists the new concepts, such as autopoiesis, self-reference, functional closeness, and a number of other concepts that allow us to see the economic realities in a new way. We can confidently assert that the book under review represents another confirmation of the long-known fact - research at the intersection of different disciplines is extremely fruitful.” - Reviewed by Roseta Asatiani, Doctor of Economics, Professor

“The book is an attempt to radically rethink the fundamentals of economic theory on the basis of the achievements of modern science, such as Chaos Theory, Constructivism and also of dialectics, neglected by neoclassicists. The author offers an original concept of self-regulation of market economy, as a kind of "economic version of constructivism." The market economy is presented as an organizationally closed and causally open system. On the basis of such understanding of decentralized economic system is proposed the "Symmetrical model" of general equilibrium, in which the equilibrium prices are formed on the basis of recursive processes. Extremely interesting is the dialectical analysis of economic categories, which allowed the author to present the economy as a closed system. Economic equilibrium, business cycles, economic reproduction - these are the main topics that are discussed inseparable in the monograph on a single methodological basis and which are presented within a single system of scientific categories. Without any doubt the presented work will interest the economists of theoretical profile, who certainly will find in it much food for thought.” - Reviewed by Givi Bedianashvili, Doctor of Economics, Professor, Tbilisi State University

“Paradigmatic thought can be explained by looking at the change taking place in some foundational elements common to every cognitive system: interdisciplinary discourse, dialectics of economic categories, modeling of processes, complexity of systems, cyclic character of appropriate processes. Changes in the configuration of these elements have determined through human history the shift from classical paradigm, based on the linear understanding of economic mechanisms of the market, to the rise of systemic view of the structure of economic knowledge. This type of thinking is characterized by the features of operational closeness which is essential element of the constructivist view. The object of thought consists mainly of knowledge understood as an autopoietic process which becomes the basic source of economic activity. Most of the book is devoted to a detailed exploration of the wide-ranging implications of this change. Such an approach suggests new directions for economic policy-making. This book provides a valuable step in this direction.” - Reviewed by Giorgi Baramidze, Doctor Philosophical Sciences, Professor

The book is intended for economists, specializing in the study of theoretical problems, undergraduates and doctoral in economics, as well as researchers working at the intersection of economics, sociology, philosophy, mathematical economics and the theory of complex non-linear systems.
The scientists as well undergraduates and doctoral students in economics will become familiar with fundamentally new ideas in addressing the interrelated problems of economic equilibrium, economic cycles and economic reproduction that are possible on the new methodological basis, involves the synthesis of dialectics, Synergetics and constructivism. Based on the study recommendations are made for adjustments in calculating macroeconomic indicators of the SNA and the principles of macroeconomic policy

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