This book provides for the first time the microfoundations of evolutionary economics. It enables the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent economics must contain a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it did not have its own value theory and could not explain the workings of everyday economics processes, in which any...

This is the first book published in English on the new international value theory, presented by Yoshinori Shiozawa in 2007. Shiozawa submitted a solution to the question on international values since Ricardo by constructing a Ricardo-Sraffa model on trading economies with M countries and N commodities including intermediate inputs (normally M