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Economic emergence: An evolutionary economic perspective
Foster, John; Metcalfe, J. Stan - In: Journal of Economic Behavior & Organization 82 (2012) 2, pp. 420-432
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,...
Persistent link: https://www.econbiz.de/10010576973
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Energy, aesthetics and knowledge in complex economic systems
Foster, John - In: Journal of Economic Behavior & Organization 80 (2011) 1, pp. 88-100
It is argued that the fact that economic systems are dissipative structures must be taken fully into account in economics if we are to understand the nature of the economic–ecological interface and how to deal with emergent environmental problems, such as global warming. Such problems are a...
Persistent link: https://www.econbiz.de/10011048170
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Costly information and the evolution of self-organization in a small, complex economy
Wilson, James; Hill, J.; Kersula, M.; Wilson, C.L.; … - In: Journal of Economic Behavior & Organization 90 (2013) S, pp. 76-76
The core idea of evolution is that order in living systems emerges from a simple process of variation and selection. In biological systems we usually understand the source of variation as best described by the mechanisms of genetics. If human social systems are evolutionary systems, however, it...
Persistent link: https://www.econbiz.de/10010678983
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Competition as a Discovery Procedure: Schumpeter Meets Hayek in a Model of Innovation
Bento, Pedro - In: American Economic Journal: Macroeconomics 6 (2014) 3, pp. 124-52
among them—into a model of Schumpeterian innovation. Firms face uncertainty about the optimal direction of innovation, so … more innovations implies a higher expected value of the "best" innovation. The model accounts for two seemingly …-level productivity growth, and an inverted-U relationship between competition and firm-level innovation. Notwithstanding the positive …
Persistent link: https://www.econbiz.de/10010788957
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Optimal diversity in investments with recombinant innovation
Zeppini, Paolo; den Bergh, Jeroen C.J.M. van - In: Structural Change and Economic Dynamics 24 (2013) C, pp. 141-156
The notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation is … addressed. We develop a formal model of an innovation arising from the combination of two existing modules, with the objective … innovation and returns to scale. We derive conditions for optimal diversity under different regimes of returns to scale …
Persistent link: https://www.econbiz.de/10010617069
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CEO Overconfidence and Innovation
Galasso, Alberto; Simcoe, Timothy S. - National Bureau of Economic Research (NBER) - 2010
" about future performance and standard measures of corporate innovation. We begin by developing a career concern model where … probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We …
Persistent link: https://www.econbiz.de/10008624597
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Non-technological innovation and multi-local territorial knowledge dynamics in the Swiss watch industry
Jeannerat, Hugues; Crevoisier, Olivier - Group of Research in Territorial Economy (GRET), … - 2011
production systems around specific path dependencies and technological innovation; how their specialisation enabled them to … regarding new dynamics of knowledge, new territorial relations and new types of innovation. The case of the Swiss watch industry …
Persistent link: https://www.econbiz.de/10010569758
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Territorial Knowledge Dynamics: From the Proximity Paradigm to Multi-location Milieus
Crevoisier, Olivier; Jeannerat, Hugues - Group of Research in Territorial Economy (GRET), … - 2009
This paper addresses the issue of updating a research agenda about territorial innovation models (TIMs) such as … innovative milieus, industrial districts, regional innovation systems, etc. The theoretical shift from innovation studies to the …
Persistent link: https://www.econbiz.de/10010569759
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Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?
Nesiba, Reynold F. - In: European Journal of Economics and Economic Policies: … 10 (2013) 1, pp. 44-60
Are Institutional and post-Keynesian economists converging on a shared approach to understanding Modern Monetary Theory (MMT)? The literature suggests growing recognition that post-Keynesians and Institutionalists share a common intellectual history, conceptual frameworks, and overlapping...
Persistent link: https://www.econbiz.de/10010854862
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Post-Keynesian Institutionalism after the Great Recession
Whalen, Charles J. - In: European Journal of Economics and Economic Policies: … 10 (2013) 1, pp. 12-27
This article surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, against the backdrop of the current context, important research that paved the way...
Persistent link: https://www.econbiz.de/10011133406