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This book explores how persistent states of underdevelopment can arise in strategic environments in which players are imitative rather than fully rational. Standard growth theory teaches that poverty traps are stable, low-level balanced growth paths to which economies gravitate due to adverse initial conditions or poor equilibrium selection. In other words, societies fail to take off into sustained growth because they started out as poor, with, for example, low longevity or poor human capital, or because they cannot invent institutions that successfully coordinate their investments.Evolutionar

Game theory. --- Evolutionary economics. --- Economics, Mathematical. --- Economic development --- Poverty traps. --- Traps, Poverty --- Economics --- Growth models (Economics) --- Mathematical economics --- Econometrics --- Mathematics --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematical models. --- Methodology --- Human capital --- Research --- Science --- Science research --- Scientific research --- Information services --- Learning and scholarship --- Research teams --- Human assets --- Human beings --- Human resources --- Capital --- Labor supply --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economic aspects --- Economic value --- E-books