Table of Contents

Economics, Evolution and the State

Economics, Evolution and the State

The Governance of Complexity

Edited by Kurt Dopfer

This book focuses on the emerging field of evolutionary economic policy, highlighting the interface between the state, markets, and the evolutionary complexity of modern economies. The contributors explore the possibilities and limitations of governance, and provide a unique platform for the advancement of modern evolutionary economic theory.

Introduction

Edited by Kurt Dopfer

Subjects: economics and finance, evolutionary economics

Extract

Kurt Dopfer A NEW BRANCH: EVOLUTIONARY ECONOMIC GOVERNANCE The last two decades have seen an explosion of research in evolutionary economics and related fields. There has been an upsurge in the publications addressing evolutionary themes in economics, paralleled by the foundation of new journals, new academic societies and, last but not least, a reorientation of the publication programmes of major publishing houses. The potential of this knowledge stock with respect to its application to issues of economic governance – in the line of an evolutionary economic governance – has as yet received little attention in the literature. Evolutionary economic governance can be defined as the study of the possibilities and consequences of any external intervention into structure and processes of an evolving economic system. Specifically, evolutionary economic policy is the application of evolutionary governance to the economy as a whole. The notion of ‘evolutionary’ acknowledges, on the one hand, that continual change in economic systems is an empirical fact, and it calls, on the other hand, for a theoretical account of this dynamic on the basis of an evolutionary rather than mechanistic explanatory schema. Thus, both explanandum and explanans are evolutionary. The notion of ‘governance’, in turn, means that the analysis is not confined to an economic system in isolation from external instances of mutual or unidirectional influences. Evolving systems can be, and often are, embedded in a hierarchy of decision-making strata. Evolutionary economic policy is a special case of governance that applies to the highest level of...