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Adaptation in the Market Economy

In: Rethinking Economic Behaviour

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  • David Simpson

Abstract

Perhaps the most fundamental distinction between mechanical systems and complex adaptive systems concerns the role of knowl- edge or information. In the former, complete information about the future as well as the present is universally available at all times, so there is no need for adaptation or adjustment of any kind. In the latter, information is acquired and acted upon as the system evolves. This method of adaptation may be described as trial and error or learning by doing.

Suggested Citation

  • David Simpson, 2000. "Adaptation in the Market Economy," Palgrave Macmillan Books, in: Rethinking Economic Behaviour, chapter 12, pages 143-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51355-6_12
    DOI: 10.1057/9780230513556_12
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