The assumptions underpinning mainstream neoclassical economics derive primarily from the conditions pertaining in the nineteenth century. As these have steadily lost relevance, the need for a new paradigm has become increasingly urgent. In this book, Max Boisot makes a major contribution towards its formulation.
Mainstream economics still depends upon static equilibrium-based theories which are unable to account for the most evident characteristics of the modern economic order, namely the transacting of information and the role of institutions in shaping the conditions for such transactions. Information transacting is central to the operation of key features of the modern economy such as inter-firm collaborative networking and is integral ...
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