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Title:Novelty and the bounds of unknowledge in economics PDF Logo
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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