The Innovative choice as an out-of-equilibrium process: Towards an adaptive (or sequence) approach

Jean-Luc Gaffard

Journal of Economic Behavior & Organization, 2023, vol. 212, issue C, 1173-1181

Abstract: As Richard Day pointed out, an evolutionary approach focuses on the characterization of the way economies function when they work out of equilibrium and represents their capacity to change structure. Our paper aims at providing the basis of the analysis of qualitative change as learning process whose evolution is not predetermined but depends on what happens along the way, that is, on the recurrent distortions in the time structure of productive capacity due to co-ordination failures. Qualitative change is a change that implies a structural modification, which can only be brought about through a process in real, irreversible time. Physical, human, and financial capital are complementary in this process of reshaping and may constrain each other. Viability of the disequilibrium process depends then on the interaction between behaviors and policies.

Keywords: Coordination; Equilibrium; Structural change; Viability (search for similar items in EconPapers)
JEL-codes: E (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:212:y:2023:i:c:p:1173-1181

DOI: 10.1016/j.jebo.2023.07.002

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