Current Issue : October-December Volume : 2025 Issue Number : 4 Articles : 3 Articles
Nash equilibrium in economic theory was one of the landmark discoveries in the modern economics. The significance that in any market, the game theory has at least one equilibrium segment considering the various factors, governing the outcome of any oligopoly market and auctions etc. However, in today’s age of globalized markets, there exists various equilibrium sets in the markets and not one equilibrium set will define the outcome and help in strategic decision making in the market. Hence this letter to editor has been written to understand the dynamics of modern markets while going beyond the Nash’s equilibrium game theory in order to make better and highly strategic decisions developing profitable markets....
Nash’s equilibrium remains a cardinal analytical tool in modern economic science, providing a mathematically grounded framework to decode competitive interactions, strategic behavior, uncertainty and interdependent decision-making. This review presents a rigorous and technically refined evaluation of Nash’s equilibrium and its theoretical expansions, methodological foundations, limitations and contemporary empirical significance. Particular emphasis is placed on strategic market structures, oligopolistic competition, digital platform economies, algorithmic pricing, global trade dynamics and policy formulations in emerging economies. The article synthesizes a diverse corpus of theoretical models and empirical findings to appraise how Nash’s equilibrium has evolved from a theoretical construct to a ubiquitous analytical paradigm in decision sciences. Furthermore, critiques regarding equilibrium multiplicity, non-cooperative rigidity, computational complexity and behavioral deviations are examined in depth. The review concludes by outlining prospective research directions centred on algorithmic game theory, behavioral refinements, AI-governed markets and systemic interactions within complex adaptive economies....
Modern economics has entered an era of profound conceptual, methodological and structural transformation driven by globalisation, digitalisation, climate change, demographic shifts and the steady integration of behavioural and computational sciences. This review synthesises these developments and critically evaluates the reshaping of macroeconomic, microeconomic, development, behavioural and ecological paradigms. By analysing the evolution of economic thought from post-war orthodoxy to 21st-century multi-disciplinary frameworks, the review highlights the inadequacy of conventional equilibrium-based models in capturing real-world complexity. It further explores how data-driven research design, machine learning, financial innovation, geopolitical turbulence and sustainability imperatives are influencing the discipline’s trajectory. The paper concludes that modern economics is progressing toward a pluralistic, adaptive and empirically grounded discipline, better equipped to manage uncertainty, inequality, technological disruption and planetary limits....
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