Adaptation in the Market Economy

David Simpson

Chapter 12 in Rethinking Economic Behaviour, 2000, pp 143-152 from Palgrave Macmillan

Abstract: Abstract Perhaps the most fundamental distinction between mechanical systems and complex adaptive systems concerns the role of knowl- edge or information. In the former, complete information about the future as well as the present is universally available at all times, so there is no need for adaptation or adjustment of any kind. In the latter, information is acquired and acted upon as the system evolves. This method of adaptation may be described as trial and error or learning by doing.

Keywords: Market Economy; Business School; Chief Executive; Complex Adaptive System; Equilibrium Theory (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51355-6_12

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DOI: 10.1057/9780230513556_12

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