Creative evolution in economics
Devereaux, Abigail N. Koppl, Roger Kauffman, Stuart
Devereaux, Abigail N.
Koppl, Roger
Kauffman, Stuart
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2024
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Article
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Keywords
Adjacent possible,B41,C00,D83,Innovation,Institutional emergence,Local knowledge,O30,O40
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Citation
Devereaux, A., Koppl, R., Kauffman, S. Creative evolution in economics. (2024). Journal of Evolutionary Economics. DOI: 10.1007/s00191-024-00855-9
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. © The Author(s) 2024.
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Springer Science and Business Media Deutschland GmbH
Journal
Journal of Evolutionary Economics
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ISSN
0936-9937