Economic emergence: An evolutionary economic perspective

Arbeitspapier

The standard neoclassical approach to economic theorizing excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance of understanding emergence and we explore the advances that have been made in this regard. We go on to argue that evolutionary economics can make further progress by taking a more naturalistic approach to economic evolution. This requires that economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react to states of uncertainty be explicitly dealt with. We argue that knowledge, because of the existence of uncertainty is, to a large degree conjectural and, thus, is closely linked to our emotional states. Our economic behaviour is also influenced by the reality that we, and the systems that we create, are dissipative structures. Thus, we introduce the notions of energy gradients and knowledge gradients as essential concepts in understanding economic emergence and resultant economic growth.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Papers on Economics and Evolution ; No. 1112

Classification and Topics

• Classification: Wirtschaft
• Subject: Unternehmer ; Evolutionsökonomik ; Komplexe Systeme ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Foster, John ; Metcalfe, J. Stan
• Event: Veröffentlichung
• (who): Max Planck Institute of Economics
• (where): Jena
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/57563
• Last update: 10.03.2025, 11:42 AM CET