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Åke E. Andersson and David Emanuel Andersson

The games of markets including entrepreneur-driven economic development have always taken place on an arena of the combined material and non-material infrastructure. The infrastructure thus constitutes the arena; it is public capital that facilitates and constrains the rapid “games” of buying and selling that economic agents play. Agents perceive the arena as stable because its evolution is so much slower than that of markets for goods and services. Synergetic theory is well equipped to handle such multiple timescales. Its application to economic phenomena enables us to show that competitive equilibrium theory requires prior specification of the infrastructural arena, which consists of public knowledge, space-bridging networks and institutions. Synergetic theory can also help us avoid the pitfalls of conventional macroeconomic theory. In this chapter, we demonstrate how macroeconomic equilibrium depends on the infrastructure. We claim that all goods are durable and are thus instances of capital. This means that historical trajectories, current outcomes, uncertain expectations and changes in spatial accessibility all influence the growth and fluctuations in the value of capital goods. Dynamic non-linear interactions between scientists, inventors and entrepreneurs affect investments. New technological or design ideas spread most easily among spatially proximate firms within communication and transport networks. Such network effects shape processes of spatial clustering, agglomeration and urbanization. Based on causal and various econometric considerations, it has been common for economists to resort to difference equation in their modeling strategies. But if we include dynamic interactions within a system of difference equations—so as to accommodate realistic causal assumptions—it will often result in complex models with chaotic outcomes. However, there are ways out of chaos in economic modeling. The first is to focus on continuous dynamic synergetic models, which implies a careful separation of variables and dynamic processes according to their relevant timescales as well as the collectiveness of their impacts.

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Åke E. Andersson and David Emanuel Andersson

The duration of human life has been increasing steadily in most parts of the world for at least the past 50 years, and in many cases over a much longer time period. The well-known Preston Curve shows that the material standard of living as reflected in per capita real income is associated with the mean life expectancy, but with a weaker association at high levels of income. In this chapter we discuss the impact of a consumer’s choice on his or her life expectancy. In affluent societies, lifestyle choices have much greater effects on individuals’ lifespans: people have more discretionary income and infectious diseases are less prevalent. Affluent people therefore have far greater control over their own personal life expectancies than people in less fortunate circumstances. Although most people know that the composition of their diet and their drinking, smoking and exercise habits influence their life expectancies, genetic factors and interdependencies among health-affecting choices make such effects highly uncertain. Empirical studies nonetheless show that high education elasticities are associated with choices that increase the expected duration of life, perhaps because old age is less unattractive to people who derive utility from cerebral activities. Oeppen and Vaupel have shown that the Preston Curve underestimates long-term increases in life expectancy. We believe that the Preston Curve is shifting upward over time as a consequence of slow but persistent infrastructural improvements to public knowledge, communications and institutions. Our trend analysis of time use implies a long-run reduction of remunerative working time toward levels as low as 1,300 hours per year. This implies that we expect that the time allocated to work will drop to 7 or 8 percent of the 900,000 hours (102.7 years) of life that we expect in the most post-industrial regions in the very long run.

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Åke E. Andersson and David Emanuel Andersson

In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
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Jason Potts

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Jason Potts

This timely research review explores the emerging concept of the economics of creative industries. Professor Potts analyses key papers authored by leading scholars in the field which cover the evolution and development of this new area of study. Topics addressed in this review include economic theory foundations, creative economic agents, contracts and organizations, creative industries dynamics and innovation, creative cities and clusters and digital new media and intellectual property.
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Jason Potts

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Jason Potts