IDEAS home Printed from https://ideas.repec.org/a/kap/revaec/v20y2007i2p123-135.html
   My bibliography  Save this article

Exchange and evolution

Author

Listed:
  • Jason Potts

Abstract

This paper offers an extension of the distinction of [Kohn, Cato Journal, 24:303–339 (2004)] between the two paradigms of modern economic theory—value and exchange—as derived from the generic–operant framework of [Dopfer and Potts, The general theory of economic evolution, Routledge, London, (2007)]. I argue that Austrian and evolutionary economics can be analytically unified about a general framework of rule coordination and change that I shall call the generic value paradigm. This is an analytic generalization of Kohn’s “exchange paradigm” that will allow us to redefine his conception of the “value paradigm” as the operational value paradigm in terms of the economics of known and fully exploited opportunities. The generic value paradigm, in turn, underpins the economics of the growth of knowledge and the evolution of the economic order as an open-system process due to the origination, adoption, and retention of novel generic rules. Austrian economics is then circumscribed as a special case of the more general “generic” analysis of the coordination and evolution of economic rules. Copyright Springer Science+Business Media, LLC 2007

Suggested Citation

  • Jason Potts, 2007. "Exchange and evolution," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(2), pages 123-135, September.
    • Handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:123-135
    DOI: 10.1007/s11138-007-0017-1
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s11138-007-0017-1
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11138-007-0017-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Mirowski, Philip, 2007. "Markets come to bits: Evolution, computation and markomata in economic science," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 209-242, June.
    2. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
    3. Jason Potts, 2000. "The New Evolutionary Microeconomics," Books, Edward Elgar Publishing, number 2258.
    4. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    5. Mark Blaug, 2001. "Where Are We Now On Cultural Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 15(2), pages 123-143, April.
    6. Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 263-279, July.
    7. Dopfer,Kurt (ed.), 2005. "The Evolutionary Foundations of Economics," Cambridge Books, Cambridge University Press, number 9780521621991, October.
    8. Peter E. Earl & Jason Potts, 2004. "The market for preferences," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(4), pages 619-633, July.
    9. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    10. Ulrich Witt, 2003. "The Evolving Economy," Books, Edward Elgar Publishing, number 2477.
    11. Brian J. Loasby, 2000. "Market institutions and economic evolution," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 297-309.
    12. repec:bla:jecsur:v:15:y:2001:i:2:p:123-43 is not listed on IDEAS
    13. Jason Potts, 2001. "Knowledge and markets," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 413-431.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mikayla Novak, 2019. "Crypto-friendliness: understanding blockchain public policy," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 9(2), pages 165-184, September.
    2. Christopher J. Coyne, 2010. "Economics as the Study of Coordination and Exchange," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 2, Edward Elgar Publishing.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brendan Markey-Towler, 2018. "A formal psychological theory for evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 28(4), pages 691-725, September.
    2. Kurt Dopfer & Jason Potts, 2004. "Evolutionary realism: a new ontology for economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 11(2), pages 195-212.
    3. Richard Holt & J. Barkley Rosser & David Colander, 2011. "The Complexity Era in Economics," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 357-369.
    4. Stan Metcalfe, "undated". "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
    5. Foster, John & Metcalfe, J. Stan, 2012. "Economic emergence: An evolutionary economic perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 82(2), pages 420-432.
    6. Ron Martin & Peter Sunley, 2010. "Complexity Thinking and Evolutionary Economic Geography," Chapters, in: Ron Boschma & Ron Martin (ed.), The Handbook of Evolutionary Economic Geography, chapter 4, Edward Elgar Publishing.
    7. Félix-Fernando Muñoz & María-Isabel Encinar, 2015. "Intentionality and the Emergence of Complexity: An Analytical Approach," Economic Complexity and Evolution, in: Andreas Pyka & John Foster (ed.), The Evolution of Economic and Innovation Systems, edition 127, pages 171-190, Springer.
    8. Horst Hanusch & Andreas Pyka, 2007. "Principles of Neo-Schumpeterian Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 275-289, March.
    9. John Foster, 2005. "From simplistic to complex systems in economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 873-892, November.
    10. John Foster & Jason Potts, 2009. "A micro-meso-macro perspective on the methodology of evolutionary economics: Integrating history, simulation and econometrics," Springer Books, in: Uwe Cantner & Jean-Luc Gaffard & Lionel Nesta (ed.), Schumpeterian Perspectives on Innovation, Competition and Growth, pages 53-68, Springer.
    11. Kurt Dopfer, 2016. "Evolutionary economics," Chapters, in: Gilbert Faccarello & Heinz D. Kurz (ed.), Handbook on the History of Economic Analysis Volume III, chapter 14, pages 175-193, Edward Elgar Publishing.
    12. David Dequech, 2008. "Varieties of uncertainty: a survey of the economic literature," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211223070, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    13. Kurt Dopfer & Jason Potts & Andreas Pyka, 2017. "Upward and Downward Complementarity: The Meso Core of Evolutionary Growth Theory," Economic Complexity and Evolution, in: Andreas Pyka & Uwe Cantner (ed.), Foundations of Economic Change, pages 69-80, Springer.
    14. Muñoz, Félix & Encinar, María Isabel, 2011. "Agents intentionality, capabilities and the performance of Systems of Innovation," Working Papers in Economic Theory 2011/03, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    15. Potts, Jason & Foster, John & Straton, Anna, 2010. "An entrepreneurial model of economic and environmental co-evolution," Ecological Economics, Elsevier, vol. 70(2), pages 375-383, December.
    16. Earl, Peter E. & Peng, Ti-Ching & Potts, Jason, 2007. "Decision-rule cascades and the dynamics of speculative bubbles," Journal of Economic Psychology, Elsevier, vol. 28(3), pages 351-364, June.
    17. Stan Metcalfe, 2014. "Capitalism and evolution," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 11-34, January.
    18. Dopfer, Kurt & Potts, Jason, 2010. "Why evolutionary realism underpins evolutionary economic analysis and theory: A reply to Runde's critique," Journal of Institutional Economics, Cambridge University Press, vol. 6(3), pages 401-413, September.
    19. Jos Timmermans & Hans Haan & Flaminio Squazzoni, 2008. "Computational and mathematical approaches to societal transitions," Computational and Mathematical Organization Theory, Springer, vol. 14(4), pages 391-414, December.
    20. Bleda, Mercedes & del Río, Pablo, 2013. "The market failure and the systemic failure rationales in technological innovation systems," Research Policy, Elsevier, vol. 42(5), pages 1039-1052.

    More about this item

    Keywords

    Generic and operant analysis; Rules; Economic evolution; A1; B0; D0; E0; O1; P0;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • B0 - Schools of Economic Thought and Methodology - - General
    • D0 - Microeconomics - - General
    • E0 - Macroeconomics and Monetary Economics - - General
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • P0 - Political Economy and Comparative Economic Systems - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:123-135. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.