Complexity and institutional evolution

J. Barkley Rosser and Marina V. Rosser ()
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Marina V. Rosser: James Madison University

Evolutionary and Institutional Economics Review, 2017, vol. 14, issue 2, No 7, 415-430

Abstract: Abstract This paper shows which portions of complexity theory are most relevant for studying economic institutional evolution. This question leads to both the two main competing economics complexity theories: dynamic and computational complexity. Central to this is the concept of cumulative causation, invented by a main founder of institutional economics, Thorstein Veblen, a fact not widely recognized. This provides the basis for increasing returns, multiple equilibria, and bifurcations in the evolution of institutions. A central issue in institutional evolution involves both hierarchical emergence, with the interaction of spontaneous emergence with natural selection a central point. Recognizing these points may provide a new synthesis between the old and new institutional economics.

Keywords: Complexity; Institutions; Evolution; Emergence; Hierarchy (search for similar items in EconPapers)
JEL-codes: A12 B15 B25 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s40844-016-0060-3

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