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Dynamics of Socio-Economic Systems: Attractors, Rationality and Meaning

Author

Listed:
  • Andrzej Nowak

    (Institute for Social Studies, University of Warsaw - Institute for Social Studies, University of Warsaw,)

  • Jørgen Vitting Andersen

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Wojciech Borkowski

    (Institute for Social Studies, University of Warsaw - Institute for Social Studies, University of Warsaw,)

Abstract

Gintis and Helbing go beyond traditional boundaries of scientific disciplines and propose integration of major theories from the main disciplines of the social as well as natural sciences. The theory captures well many insights from social psychology. Several assumptions of the model, however, may be questioned. The assumption that social systems are at equilibrium is too narrow, because social systems may also be out of equilibrium. The notion of attractor dynamics shows that systems may converge on different types of attractors depending on the value of control parameters. The notion of rationality of human behavior may be challenged on the basis of new data from psychology, decision science and behavioral economics. Often individuals do not process the information, but rather copy the choices of others. Individuals interact by both direct and indirect means – though market mechanisms. Most importantly, social dynamics, in contrast to physical systems, is governed by meaning. Despite these limitations the theory of Gintis and Helbing represents an important step in the integration of the social sciences.

Suggested Citation

  • Andrzej Nowak & Jørgen Vitting Andersen & Wojciech Borkowski, 2015. "Dynamics of Socio-Economic Systems: Attractors, Rationality and Meaning," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01215581, HAL.
    • Handle: RePEc:hal:cesptp:hal-01215581
    DOI: 10.1561/105.00000026
    Note: View the original document on HAL open archive server: https://hal.science/hal-01215581
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    References listed on IDEAS

    as
    1. Jørgen Vitting Andersen & Andrzej Nowak, 2013. "An introductory to Socio-Finance," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00853994, HAL.
    2. Jørgen Vitting Andersen & Andrzej Nowak, 2013. "An Introduction to Socio-Finance," Springer Books, Springer, edition 127, number 978-3-642-41944-7, January.
    3. Jørgen Vitting Andersen & Andrzej Nowak, 2013. "An introductory to Socio-Finance," Post-Print hal-00853994, HAL.
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    Cited by:

    1. Emilian DOBRESCU, 2021. "Potential Output: A Market Conditionalities Interpretation," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 5-38, December.

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    Keywords

    complex system; adaptive system; general equilibrium;
    All these keywords.

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