In an evolutionary approach to macroeconomics, the market disequilibrium dynamics resulting from structural change need to be properly represented at the aggregate level. As suggested by the late F.A.Hayek, a suitable equilibrium concept required to this end as a frame of reference, is that of a...

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...

Novelty and heterogeneity are two closely related issues. Heterogeneity is not only a result of the emergence of novelty which creates variety in any evolving system. Heterogeneous elements are also required as inputs for the recombination processes underlying the generation of novelty. However,...

New knowledge with potential commercial value is created, replicated, and transferred in a distributed manner. The highly systemic nature of knowledge production and the need for any knowledge to be individually acquired and expressed in order to produce an effect, jointly constrain the dynamics...

Endogenous change in the economy is caused by innovative activities of the economic agents. The paper discusses how hypotheses on innovative activities which account for the epistemological problems implied by novelty can be developed. Considerations relating to these problems suggest population...

Public choice theory has effectively explored defects in collective action and political processes. However, little attention has been given to the fact that any recommendations as to how to improve the situation can only be realized on the basis of precisely those defective institutions. What...