Trading Economics: New Theory for Trading System Evolution (2024) (Contributions to Economics)

By: Zhenying Wang

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Synopsis: This book reconstructs the theoretical framework of economics by examining the concept of trading, the trading network, and the evolution of a trading system, tied together by the notion of “bounded rationality.” Trading economics uproots the theoretical paradigm of mainstream economics and enables timeworn economic thinking to deal with the various complex phenomena of the modern economy. Mainstream economic theories see growth as the combined result of family and enterprise activities. Based on this understanding, established economic policies all focus on how to effectively influence the behavior of trading agents. Trading economics, by contrast, believes economic growth is the product of the activities of a self-organizing network of families and enterprises, rather than a simple superposition of the behaviors of trading agents. In policy design, trading economics looks to maintain the structural integrity of the trading network and the stability of the trading cycle.