Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94925
Authors: 
Day, Richard A.
Year of Publication: 
1983
Series/Report no.: 
IUI Working Paper 111
Abstract: 
Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in addition to local instability economies are also globally unstable, as considerable evidence suggests, then the discovery and application of new structure is essential. A complete dynamic theory of economic change must therefore be based not only on conventional rationality and routinely adapting behavior but on a superior faculty which may perhaps best be called creative intelligence.
Subjects: 
Disequilibrium
JEL: 
D50
Document Type: 
Working Paper

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