Creative evolution in economics

Abigail Devereaux (), Roger Koppl () and Stuart Kauffman ()
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Abigail Devereaux: Wichita State University
Roger Koppl: Syracuse University
Stuart Kauffman: Institute for Systems Biology

Journal of Evolutionary Economics, 2024, vol. 34, issue 2, No 8, 489-514

Abstract: Abstract We develop a representation of creative evolution in economics based on the theory of the adjacent possible. We start by introducing an epistemological framework for economic theorizing that copes with unknowability and the unlistability of possibility spaces. From this framework, we discuss the use of knowledge in creatively evolving systems and derive four main results: that local knowledge is itself a mechanism of movement through the adjacent possible; that all action is entrepreneurial action; that causality is ambiguous; and that individuals can agree to disagree. We then apply these results to decision-making, innovation, and the emergence of institutions and commons in creatively evolving systems.

Keywords: Adjacent possible; Institutional emergence; Innovation; Local knowledge (search for similar items in EconPapers)
JEL-codes: B41 C00 D83 O30 O40 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s00191-024-00855-9

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