The Self-organisation of the Economy

Michael Hutter

Chapter 9 in The Evolution of Economic Systems, 1990, pp 100-110 from Palgrave Macmillan

Abstract: Abstract Self-organisation of the economy is an old topic. But what is its nature? Is it akin to a valve which regulates a machine through a feedback loop, to the dynamic stability of a thermodynamic system, to the evolution of spontaneous order or to the self-reproduction of biological systems? In this chapter, I will introduce a particularly radical form of self-organisation. We will assume that the economy continues through a process of ongoing self-reproduction. Very much like a biological cell, the economy not only structures but generates the elements of which it consists. More precisely: the economy is defined as a network of elementary operations that recursively reproduces elementary operations.

Keywords: Social Player; Elementary Operation; Spontaneous Order; Monetary Flow; Money Flow (search for similar items in EconPapers)
Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11153-4_9

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DOI: 10.1007/978-1-349-11153-4_9

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