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Economic Opportunity and Evolution: Beyond Landscapes and Bounded Rationality

Author

Listed:
  • Teppo Felin

    (Saïd Business School - University of Oxford)

  • Stuart Kauffman

    (Departments of Biochemistry and Mathematics - University of Vermont [Burlington])

  • Roger Koppl

    (Syracuse University, Whitman School of Management - Syracuse University)

  • Giuseppe Longo

    (La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS Paris - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, Centre Cavaillès - La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS Paris - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres)

Abstract

The nature of economic opportunity has recently received significant attention in entrepreneurship and strategy. The notion of search on an (NK) opportunity landscape has been particularly relevant to these conversations and debates. We argue that existing notions of landscapes are overly focused on bounded rationality and search (often instantiated as the problem of NP-completeness), rather than focusing on how to account for the readily manifest, emergent novelty we see in the economic sphere (the "frame problem"). We discuss the entrepreneurial and economic implications of these arguments by building on unique insights from biology, the natural and computational sciences.

Suggested Citation

  • Teppo Felin & Stuart Kauffman & Roger Koppl & Giuseppe Longo, 2014. "Economic Opportunity and Evolution: Beyond Landscapes and Bounded Rationality," Post-Print hal-01415115, HAL.
    • Handle: RePEc:hal:journl:hal-01415115
    DOI: 10.1002/sej.1184
    Note: View the original document on HAL open archive server: https://hal.science/hal-01415115
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    References listed on IDEAS

    as
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