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The Innovative choice as an out-of-equilibrium process: Towards an adaptive (or sequence) approach

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  • Gaffard, Jean-Luc

Abstract

As Richard Day pointed out, an evolutionary approach focuses on the characterization of the way economies function when they work out of equilibrium and represents their capacity to change structure. Our paper aims at providing the basis of the analysis of qualitative change as learning process whose evolution is not predetermined but depends on what happens along the way, that is, on the recurrent distortions in the time structure of productive capacity due to co-ordination failures. Qualitative change is a change that implies a structural modification, which can only be brought about through a process in real, irreversible time. Physical, human, and financial capital are complementary in this process of reshaping and may constrain each other. Viability of the disequilibrium process depends then on the interaction between behaviors and policies.

Suggested Citation

  • Gaffard, Jean-Luc, 2023. "The Innovative choice as an out-of-equilibrium process: Towards an adaptive (or sequence) approach," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 1173-1181.
    • Handle: RePEc:eee:jeborg:v:212:y:2023:i:c:p:1173-1181
    DOI: 10.1016/j.jebo.2023.07.002
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    References listed on IDEAS

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    1. Mario Amendola & Jean‐Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
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    More about this item

    Keywords

    Coordination; Equilibrium; Structural change; Viability;
    All these keywords.

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E - Macroeconomics and Monetary Economics
    • E - Macroeconomics and Monetary Economics
    • E - Macroeconomics and Monetary Economics

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