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Creative evolution in economics

Author

Listed:
  • Abigail Devereaux

    (Wichita State University)

  • Roger Koppl

    (Syracuse University)

  • Stuart Kauffman

    (Institute for Systems Biology)

Abstract

We develop a representation of creative evolution in economics based on the theory of the adjacent possible. We start by introducing an epistemological framework for economic theorizing that copes with unknowability and the unlistability of possibility spaces. From this framework, we discuss the use of knowledge in creatively evolving systems and derive four main results: that local knowledge is itself a mechanism of movement through the adjacent possible; that all action is entrepreneurial action; that causality is ambiguous; and that individuals can agree to disagree. We then apply these results to decision-making, innovation, and the emergence of institutions and commons in creatively evolving systems.

Suggested Citation

  • Abigail Devereaux & Roger Koppl & Stuart Kauffman, 2024. "Creative evolution in economics," Journal of Evolutionary Economics, Springer, vol. 34(2), pages 489-514, April.
    • Handle: RePEc:spr:joevec:v:34:y:2024:i:2:d:10.1007_s00191-024-00855-9
    DOI: 10.1007/s00191-024-00855-9
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    More about this item

    Keywords

    Adjacent possible; Institutional emergence; Innovation; Local knowledge;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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