Economic Opportunity and Evolution: Beyond Landscapes and Bounded Rationality

Teppo Felin (), Stuart Kauffman (), Roger Koppl () and Giuseppe Longo ()
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Teppo Felin: Saïd Business School - University of Oxford
Stuart Kauffman: Departments of Biochemistry and Mathematics - University of Vermont [Burlington]
Roger Koppl: Syracuse University, Whitman School of Management - Syracuse University
Giuseppe Longo: La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, Centre Cavaillès - La République des savoirs : Lettres, Sciences, Philosophie - CdF (institution) - Collège de France - CNRS - Centre National de la Recherche Scientifique - Département de Philosophie - ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres

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Abstract: The nature of economic opportunity has recently received significant attention in entrepreneurship and strategy. The notion of search on an (NK) opportunity landscape has been particularly relevant to these conversations and debates. We argue that existing notions of landscapes are overly focused on bounded rationality and search (often instantiated as the problem of NP-completeness), rather than focusing on how to account for the readily manifest, emergent novelty we see in the economic sphere (the "frame problem"). We discuss the entrepreneurial and economic implications of these arguments by building on unique insights from biology, the natural and computational sciences.

Keywords: Entrepreneurship; Economic opportunity; Novelty; Strategy (search for similar items in EconPapers)
Date: 2014
Note: View the original document on HAL open archive server: https://hal.science/hal-01415115v1
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Citations: View citations in EconPapers (30)

Published in Strategic Entrepreneurship Journal, 2014, 8, pp.269 - 282. ⟨10.1002/sej.1184⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01415115

DOI: 10.1002/sej.1184

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