9 Evolutionary economics

A free competition market represents the major mechanism regulating economic activity in an economy based on private property [56]. Therefore, market states have been a central issue throughout the whole history of economics. The political economy concept of a market presumes rational behavior of economic agents, which leads to an equilibrium state of the market. Numerous market regulators (e.g., administrative, fiscal, budgetary-tax, legal and other ones) promote implementing this concept. Actually, they are intended for coordinating individual plans and operative activity of economic agents (with the aim of rendering an economic system stable).

However, observations of real economies testify to the following. This ...

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