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dc.contributor.authorFoster, Johnen_US
dc.contributor.authorMetcalfe, J. Stanen_US
dc.date.accessioned2011-09-12en_US
dc.date.accessioned2012-04-24T15:44:49Z-
dc.date.available2012-04-24T15:44:49Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/57563-
dc.description.abstractThe standard neoclassical approach to economic theorizing 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.en_US
dc.language.isoengen_US
dc.publisherMax-Planck-Inst. für Ökonomik Jenaen_US
dc.relation.ispartofseriesPapers on economics and evolution 1112en_US
dc.subject.ddc330en_US
dc.subject.stwUnternehmeren_US
dc.subject.stwEvolutionsökonomiken_US
dc.subject.stwKomplexe Systemeen_US
dc.subject.stwTheorieen_US
dc.titleEconomic emergence: An evolutionary economic perspectiveen_US
dc.typeWorking Paperen_US
dc.identifier.ppn668087250en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

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