北京大学  中国经济研究中心  陈平教授 高级理论经济学（研讨班）
2005年春季研究生和双学位选修课（3学分）
 
时间：每周五下午7-9节(14:40-17:40), 地点: 理教220
 
Advanced Theoretical Economics (3 Credits)
Spring 2005
 
Prof. Chen Ping
China Center for Economic Research, Peking University
 
Course Description: This is a research workshop for graduate students and advanced undergraduate students. A more exact title for this course is:
 
Complex Economics:
A General Framework of Micro Behavior, Industry Competition, Macro Dynamics, and Organizational Evolution
 
Theoretical economics has a most visible puzzle: Economic phenomena are much more complex than biology, chemistry, and physics, but economic models are much simpler than the simplest models in classical mechanics. Linear, static, equilibrium, stationary, and one-body problem dominate equilibrium economics. Basic economic assumptions are conflicting with basic laws in physics, mathematics, biology, and psychology. One-sided economic story could not explain many economic phenomena, including persistent business cycles, fashion, innovation, crisis, altruistic behavior, non-profit organization, rise and fall of organizations, and increasing division of labor. So-called Washington consensus failed to guide economic transition in Latin America and Eastern Europe. Can we develop a general economic theory to integrate competing economic schools and interdisciplinary studies such as psychology, biology, anthropology, history, and complex science, the answer is YES!
 
2005 is the centennial anniversary of Einstein revolution in Brownian motion, relativity, and quantum theory. This long-over-due project was the result of previous encouragements by Paul Samuelson, late Ilya Prigogine, Herbert Simon, John Fairbank, Joseph Needham, Walt Rostow, and other leading scholars. We plan to develop this course into a new economic theory, which can be called  <Complex Economics>, in contrast to the oversimplified equilibrium (neo-classical) economics in closed systems. Methodologically speaking, complex economics will address real economies with nonlinear, non-equilibrium, non-stationary, many-body movements in open system with ecological and historical constraints, which are common features in living and social systems. We will try our best to fulfill the dream of developing GENERAL THEORY from Plato, Einstein to Keynes and Prigogine. We will also extend Schumpeter’s dream to integrate biology, mathematics, and history in economic analysis.
 
We will start from basic observations in evolutionary psychology, evolutionary biology, and evolutionary economics, including latest study on happiness and multi-level selection to challenge the main assumptions in economic rationality and game theory, we will discuss Friedman-Coase critique of marginal cost theory, and introducing Becker-Stiglitz nonlinear demand-supply curves for multiple equilibrium and complex phenomena.
We will review basic issues in macroeconomics, from original Keynes idea on and unfortunate retreat of . We will demonstrate main fallacies in macroeconomic theory, including the Frisch model of noise-driven business cycles, Lucas island economy model of rational expectations and micro foundations, and unit-root/co-integration model with marginal stability; Based on the principle of large numbers, we found out that economic structure is three level: micro-meso-macro. Therefore, economic metabolism is rooted in intermediate structure: financial market and industrial organization.
Empirical analysis of macro dynamics reveals wide existence of nonlinear trends and color chaos, which could be better explained by logistic wavelets, population dynamics, and evolutionary game theory. The unified dynamic approach could better understand scale and scope economy, product cycle, rise and fall of industries and organizations.
Finally, we will conduct an interdisciplinary dialogue, discuss fundamental issues from Plato, Adam Smith, Marx, Schumpeter, to Keynes, Hayek, Coase, and contemporary issues such as property right, arm race, social security, limits of privatization, social development, etc. We would demonstrate the emerging science of complex economics could provide a synthesis of major economic thoughts, and related disciplines including physics, chemistry, biology, psychology, anthropology, and analytic history.
 
The lecture notes would be the basis for future publication. The teacher would provide English notes; students would work in teams to produce lecture notes in Chinese.
 
Requirement: Students should have solid knowledge in English, calculus, differential equations, and basic knowledge in economics and history. Previous study in micro I and macro I are helpful but not compulsory. All basic tools in math would be introduced during the class. We encourage gifted undergraduate students to develop their research talents in their early stage.
Final Score: No exam. Lecture notes including literature research (70%), Independent research (30%).
 
Course outline, reading references, downloading files, and possible changes would be posted at the BBS: http://pchen.ccer.edu.cn/bbs/
 
[参考文献]
陈平,文明分岔、经济混沌、和演化经济动力学，北京大学出版社，北京2004年出版(必读)。
Buss, David M. Evolutionary Psychology, The New Science of the Mind, 2nd Ed. Pearson, MA: Boston (2004).
Diamond, Jared. Collapse, How Societies Choose to Fall or Succeed, Viking, New York (2005).
Dopfer, Kurt. Evolutionary Foundations of Economics, Cambridge University Press, Cambridge (2005).
Field, Alexander J. Altruistically Inclined? the Behavioral Sciences, Evolutionary Theory, and the Origin of Reciprocity, University of Michigan Press, Ann Arbor (2001).
Gowdy, John. Limited Wants, Unlimited Means, A Reader on Hunter-Gatherer Economics and the Environment, Island Press, Washington D.C. (1998).
Harris, Marvin, Culture, People, Nature, An Introduction to General Anthropology, 7th Ed. Logman, New York (1997).
Layard, Richard. “Happiness: Has Social Science Got a Clue?” Lionel Robbins Memorial Lecture Series, London Economic School, March 2003.
Stiglitz, Joseph E. “Post-Washington Consensus,” Initiative for Policy Dialogue, Columbia University, New York (2004).
 
For more information, you may access Chen Ping’s web page at http://pchen.ccer.edu.cn/
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