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| Title: | | Novelty and the bounds of unknowledge in economics  |
| Authors: | | Witt, Ulrich |
| Issue Date: | | 2007 |
| Series/Report no.: | | Papers on economics and evolution 0707 |
| Abstract: | | The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems to be clear, however, is that it implies bounds of unknowledge (Shackle) that impose epistemological and methodological constraints on economic theorizing. In this paper, the problems will be examined, possibilities for positively theorizing about novelty will be explored, and the methodological consequences for causal explanations and the modeling of economics dynamics will be discussed. |
| Subjects: | | novelty epistemic bounds causation dynamical systems economic change evolution |
| JEL: | | B41 C61 D83 O30 O31 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Papers on Economics and Evolution, MPI für Ökonomik
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