Economic emergence: an evolutionary economic perspective
The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast, we r...
| Main Authors: | , |
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| Format: | Journal Article |
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Elsevier BV * North-Holland
2012
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| Online Access: | http://hdl.handle.net/20.500.11937/31109 |
| _version_ | 1848753283556966400 |
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| author | Foster, J. Metcalfe, Stan |
| author_facet | Foster, J. Metcalfe, Stan |
| author_sort | Foster, J. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance of understanding emergence and we explore the advances that have been made in this regard. We go on to argue that evolutionary economics can make further progress by taking a more ‘naturalistic’ approach to economic evolution. This requires that economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react to states of uncertainty be explicitly dealt with. We argue that ‘knowledge,’ because of the existence of uncertainty is, to a large degree ‘conjectural’ and, thus, is closely linked to our emotional states. Our economic behaviour is also influenced by the reality that we, and the systems that we create, are dissipative structures. Thus, we introduce the notions of ‘energy gradients’ and ‘knowledge gradients’ as essential concepts in understanding economic emergence and resultant economic growth. |
| first_indexed | 2025-11-14T08:22:03Z |
| format | Journal Article |
| id | curtin-20.500.11937-31109 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:22:03Z |
| publishDate | 2012 |
| publisher | Elsevier BV * North-Holland |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-311092018-03-29T09:08:59Z Economic emergence: an evolutionary economic perspective Foster, J. Metcalfe, Stan The standard neoclassical approach to economic theorising excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance of understanding emergence and we explore the advances that have been made in this regard. We go on to argue that evolutionary economics can make further progress by taking a more ‘naturalistic’ approach to economic evolution. This requires that economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react to states of uncertainty be explicitly dealt with. We argue that ‘knowledge,’ because of the existence of uncertainty is, to a large degree ‘conjectural’ and, thus, is closely linked to our emotional states. Our economic behaviour is also influenced by the reality that we, and the systems that we create, are dissipative structures. Thus, we introduce the notions of ‘energy gradients’ and ‘knowledge gradients’ as essential concepts in understanding economic emergence and resultant economic growth. 2012 Journal Article http://hdl.handle.net/20.500.11937/31109 10.1016/j.jebo.2011.09.008 Elsevier BV * North-Holland restricted |
| spellingShingle | Foster, J. Metcalfe, Stan Economic emergence: an evolutionary economic perspective |
| title | Economic emergence: an evolutionary economic perspective |
| title_full | Economic emergence: an evolutionary economic perspective |
| title_fullStr | Economic emergence: an evolutionary economic perspective |
| title_full_unstemmed | Economic emergence: an evolutionary economic perspective |
| title_short | Economic emergence: an evolutionary economic perspective |
| title_sort | economic emergence: an evolutionary economic perspective |
| url | http://hdl.handle.net/20.500.11937/31109 |