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    Economic emergence: an evolutionary economic perspective

    Access Status
    Fulltext not available
    Authors
    Foster, J.
    Metcalfe, Stan
    Date
    2012
    Type
    Journal Article
    
    Metadata
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    Citation
    Foster, J. and Metcalfe, S. 2012. Economic emergence: an evolutionary economic perspective. Journal of Economic Behavior & Organization. 82: pp. 420-432.
    Source Title
    Journal of Economic Behavior & Organization
    DOI
    10.1016/j.jebo.2011.09.008
    ISSN
    0167-2681
    School
    Staff & Student Services
    URI
    http://hdl.handle.net/20.500.11937/31109
    Collection
    • Curtin Research Publications
    Abstract

    The standard neoclassical approach to economic theorising 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.

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