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A Biological Perspective of Macro Dynamics and Division of Labor

Persistent cycles, excess capacity, and disruptive technology in macro dynamics and division of labor cannot be explained within the equilibrium-mechanical framework.Macroeconomic movements can be better described by endogenous fluctuations, such as the birth-death process and color chaos. Uneven growth can be understood by market-share competition under resource constraint. Diversified patterns and corporate strategy in the division of labor is described by a risk culture in learning by trying. The Smith dilemma can be solved by the trade -off between stability and complexity. Economic complexity and market resilience provide a new perspective of economic dynamics.

A Biological Perspective of Macro Dynamics and Division of Labor.pdf

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