"This paper has attempted to go beyond the usual static analysis of increasing-returns problems by examining the dynamical process that 'selects' an equilibrium from multiple candidates, by the interaction of economic forces and random 'historical events'. It shows how dynamically, increasing returns can cause the economy gradually to lock itself in to an outcome not necessarily superior to alternatives, not easily altered, and not entirely predictable in advance."
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People from BelfastSystems scientistsGame theoristsStanford University facultyEconomists from Northern Ireland
Original Language: English
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https://en.wikiquote.org/wiki/W._Brian_Arthur
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W. Brian Arthur
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