The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems...

Purpose – Using the lens of the romance of leadership, the authors aim to investigate how knowing the causes of negative outcomes affects the evaluation of those outcomes and the extent to which leaders are blamed. Design/methodology/approach – The authors used an experimental situation with...

Even the most rudimentary training from Economics 101 starts with demand curves going down and supply curves going up. They are so 'natural' that they sound even more obvious than the Euclidian postulates in mathematics. But are they? What do they actually mean? Start with "demand curves". Are...

Cybernetics is the science of effective organization, i.e. the science that describes the general principles of growth, learning and adaptation in complex, dynamical systems.Stafford Beer regards his viable system model as a design for effective formal organization. He also declares that since...

The paper develops a dynamical systems approach to study asset bubbles in OLG economies with stochastic production. We derive necessary and sufficient conditions for bubbly equilibria to exist and chracterize the maximum sustainable bubble. Even if they exist, bubbles are temporary and the...

We introduce a class of evolutionary game dynamics - pairwise comparison dynamics - under which revising agents choose a candidate strategy at random, switching to it with positive probability if and only if its payoff is higher than the agent's current strategy. We prove that all such dynamics...