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The Origin and the Evolution of Firms
J. A. Roels
The Origin and the Evolution of Firms
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The firms and markets of today's complex socio-economic system developed in a spontaneous process termed evolution, in just the same way as the universe, the solar system, the Earth and all that lives upon it. Darwin's theory of evolution clearly demonstrated that evolution involved increasing organization. As we began to explore the molecular basis of life and its evolution, it became equally clear that it depended on the processing and communication of information. This book develops a consistent theory of evolution in its wider sense, examining the information based laws and forces that drive it. Exploring subjects as diverse as economics and the theories of thermodynamics, the author revisits the paradox of the apparent conflict between the laws of thermodynamics and evolution to arrive at a systems theory, tracing a continuous line of evolving information sets that connect the Big-Bang to the firms and markets of our current socio-economic system.

Language
English
ISBN
Unknown
Title Page
Table of Contents
Introduction
Introduction
The main ambitions and features of this work
Organization of this book
Conclusion
Laws, Theories and Models
Introduction
The microscopic and the macroscopic approach to modeling
Macroscopic balance equations and state equations
Linear and non-linear systems theory
Why do we need models?
Conclusion
Macroscopic Thermodynamics
Introduction
Energy and the first law of thermodynamics
The second law of thermodynamics: The concept of entropy
Constraints due to the combined first and second laws
Free energy
Conclusion
Macroscopic and Microscopic Models: Statistical Thermodynamics
Introduction
Statistics and probability theory
Information theory: Quantifying information
Statistical thermodynamics
Conclusion
A General Theory of Transformations and Economic Transactions
Introduction
A general Economic Value Theory
The Capital Asset Pricing Model and Economic Value Theory
The nature of energy and value revisited
The second law of Economic Value Theory
The heat engine revisited and more
Forces in thermodynamics and Economic Value Theory
Transformation of information in economic value: The concept of price
A more generalized market transaction
Conclusion
Systems Theory of Evolution
Introduction
The linear value transducer revisited
Instability of steady states and evolution
The Benard problem and instability of the macroscopic branch
Instability of the macroscopic branch in chemical reaction systems
Evolution through fluctuation and selection: The general case
The starting point of biological evolution: Prebiotic evolution
Competition and sustained evolution
The dynamics of competition
Biological evolution: Dissipative structures
Conclusion
The Firm and Information Processing
Introduction
The dynamics of competition and selection
The error threshold in evolution
Models of Darwinian systems: The Hypercycle
Competition and selection: An approach based on EVT
The nature of the firm and its evolution
Differences and similarities between biological and economic evolution
Conclusion
Some Concepts of Economic Theory
Introduction
The nature of markets and industries
The nature of value and value transaction processes
Self organizing systems: Dissipative structures
The pivotal role of information
The internal value chain
Macroeconomics
Microeconomics: The interplay between demand and supply
Models of economic growth, business cycles
The behavioral theory of the firm
Transaction cost theory
Agency theory of the firm
Evolutionary theories of economics
Industry structure: The nature of entry barriers
Strategy development
Conclusion
The Evolution of the Universe
Introduction
Our present-day picture of the universe
Understanding the small and the large
Evolution of the structures in the universe
Conclusion
The Co-Evolution of Earth and Life
Introduction
The evolution of the solar system
Origin of earth
The formation of the continents, oceans and atmosphere
The origin of life
The proliferation of advanced life forms
The heat balance of earth
Conclusion
Human Evolution
Introduction
History of ideas about human evolution
Evolution of the apes
The relation between humans and the great apes
Genus Homo
Use of tools
Modern humans: The "Great Leap Forward"
Out of Africa model of human evolution
Conclusion
History of Science
Introduction
Pattern of the evolution of science
Early developments in science
Medieval Science
Impact of science in Europe
Modern science
Social sciences
Conclusion
The Evolution of Technology
Introduction
Drivers of technological progress
Geographical and temporal aspects of the evolution of technology
The industrial revolution
Conclusion
The Industrial Revolution
Introduction
Causes of the industrial revolution in Britain
Role of inventions and innovations
Continental Europe
The second Industrial Revolution and later evolution
Conclusion
The Development of Some of the Leading Firms
Introduction
An evolutionary view of corporate development: Gist-brocades
The evolution of some leading multinationals
The paradox of strategic planning
Conclusion
Tracing the Source and the Direction of Evolution: A Summary
Introduction
Non-equilibrium, free energy and economic value
The ubiquity of cyclic interaction
Evolution and sustainability
Reflections on predictability issues in evolution
Conclusion
Epilogu
Introduction
Summary of the highlights of the basic theory
The Origin of Markets and Firms
Prospects and challenges
Literature Cited
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