Capitalism and evolution

Stan Metcalfe

No 1201, Openloc Working Papers from Public policies and local development

Abstract: Because different people can develop different skills, a knowledge rich society must be an ecology of specialists; knowledge is distributed within each human brain, within each organisation and within the economic and social system; and being distributed it can grow, provided that it is sufficiently coordinated to support increasing interdependencies. We can save men from hunger or misery or injustice, we can rescue men from slavery or imprisonment and do good…but any study of society shows that every solution creates a new situation which breeds its own new needs and problems. We are active, we are constantly testing things out, constantly working with the method of trial and error. Always history is being made; opinions, attitudes and institutions change, and there is evolution in the nature of capitalism. Creation-Date: 2011

Keywords: Capitalism; Evolution; Innovation (search for similar items in EconPapers)
JEL-codes: B52 P1 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (25)

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