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Complexity and institutional evolution

Author

Listed:
  • J. Barkley Rosser

    (James Madison University)

  • Marina V. Rosser

    (James Madison University)

Abstract

This paper shows which portions of complexity theory are most relevant for studying economic institutional evolution. This question leads to both the two main competing economics complexity theories: dynamic and computational complexity. Central to this is the concept of cumulative causation, invented by a main founder of institutional economics, Thorstein Veblen, a fact not widely recognized. This provides the basis for increasing returns, multiple equilibria, and bifurcations in the evolution of institutions. A central issue in institutional evolution involves both hierarchical emergence, with the interaction of spontaneous emergence with natural selection a central point. Recognizing these points may provide a new synthesis between the old and new institutional economics.

Suggested Citation

  • J. Barkley Rosser & Marina V. Rosser, 2017. "Complexity and institutional evolution," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 415-430, December.
    • Handle: RePEc:spr:eaiere:v:14:y:2017:i:2:d:10.1007_s40844-016-0060-3
    DOI: 10.1007/s40844-016-0060-3
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    References listed on IDEAS

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    Cited by:

    1. Dirk Nicolas Wagner, 2020. "Economic patterns in a world with artificial intelligence," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 111-131, January.
    2. Tony Aspromourgos & Kenji Mori & Masashi Morioka & Arrigo Opocher & J. Barkley Rosser & Yoshinori Shiozawa & Kazuhisa Taniguchi & Heinz D. Kurz & Neri Salvadori, 2022. "Symposium on Yoshinori Shiozawa, Masashi Morioka and Kazuhisa Taniguchi (2019), Microfoundations of evolutionary economics, Tokyo: Springer Japan," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 2-48, February.
    3. V. V. Biryukov, 2022. "Paradigmatic features of the alternative strategies development for institutional economicsstudies," Russian Journal of Social Sciences and Humanities, Omsk Humanitarian Academy, vol. 16(4), pages 188-196, December.
    4. Yuji Aruka, 2017. "Special feature: preliminaries towards ontological reconstruction of economics—theories and simulations," Evolutionary and Institutional Economics Review, Springer, vol. 14(2), pages 409-414, December.
    5. Brendan Markey-Towler, 2018. "Antifragility, the Black Swan and psychology," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 367-384, December.
    6. Frolov, Daniil, 2019. "The manifesto of post-institutionalism: institutional complexity research agenda," MPRA Paper 97662, University Library of Munich, Germany.
    7. Zoltán Lakner & Anna Kiss & Ivan Merlet & Judit Oláh & Domicián Máté & Janusz Grabara & József Popp, 2018. "Building Coalitions for a Diversified and Sustainable Tourism: Two Case Studies from Hungary," Sustainability, MDPI, vol. 10(4), pages 1-23, April.
    8. Frolov, Daniil, 2019. "Постинституционализм: Программа Исследований За Пределами Институционального Мейнстрима [Post-institutionalism: research program beyond the institutional mainstream]," MPRA Paper 92328, University Library of Munich, Germany.

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    More about this item

    Keywords

    Complexity; Institutions; Evolution; Emergence; Hierarchy;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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