Economics for a creative world

Roger Koppl (), Stuart Kauffman (), Giuseppe Longo () and Teppo ­­­felin ()
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Roger Koppl: Syracuse University
Stuart Kauffman: Institute for Systems Biology
Giuseppe Longo: Centre Cavaillès - La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres
Teppo ­­­felin: Saïd Business School - University of Oxford

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Abstract: Drawing on current biology, we argue that the phase space of economic evolution is not stable. Thus, there are no entailing laws of economic dynamics. In this sense, economic dynamics are creative and the economy is not a causal system. Because economic dynamics are creative, the implicit frame of analysis for the econosphere changes in unprestatable and non­algorithmic ways. New­venture, social, and political entrepreneurs solve the frame problem of the econosphere. Economic evolution is unpredictable, not entailed, and the number of things traded (" cambiodiversity ") increases over time. Our metatheoretic framework points out how institutions, entrepreneurs, and disparate actors enable what we call " novelty intermediation. " We provide examples of novelty intermediation from Rennaissance Italy to Silicon Valley. Our framework does not automatically provide clear policy prescriptions in part because our main result is negative. It may nevertheless provide a useful prolegomena to a future economics fit for a creative world. [T]he matter with which the chemist deals is the same always: but economics, like biology, deals with a matter, of which the inner nature and constitution, as well as the outer form, are constantly changing.

Keywords: Economics; Biology; Econosphere; Non-algorithmic ways; Epistemology of the economy; Epistémologie de l'économie (search for similar items in EconPapers)
Date: 2015
Note: View the original document on HAL open archive server: https://hal.science/hal-01415131v1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (22)

Published in Journal of Institutional Economics, 2015, 11, pp.1 - 31. ⟨10.1017/S1744137414000150⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01415131

DOI: 10.1017/S1744137414000150

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