An Economic Model
Abstract
In this chapter, we draw from the previous two chapters and discuss ways to address not only innovation but also potentially entrepreneurship, in an economic model, drawing from techniques used in the fields of finance, physics, and engineering. While we invoke these phenomenological techniques to explain the survival and success of some of these ventures and their impact on economic growth, in either a start-up or a corporate environment, we draw upon analogies to other natural phenomena to attempt to provide a plausible explanation for these spurts in the economy.
Keywords
Coherence
Disorder-to-order transition
Fokker-Planck equation
Hermann Haken
Ilya Prigogine
Ito process
Jump diffusion
Nonlinear ...
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