Exchange and evolution
AbstractThis paper offers an extension of the distinction of [Kohn, Cato Journal, 24:303–339 (2004)] between the two paradigms of modern economic theory—value and exchange—as derived from the generic–operant framework of [Dopfer and Potts, The general theory of economic evolution, Routledge, London, (2007)]. I argue that Austrian and evolutionary economics can be analytically unified about a general framework of rule coordination and change that I shall call the generic value paradigm. This is an analytic generalization of Kohn’s “exchange paradigm” that will allow us to redefine his conception of the “value paradigm” as the operational value paradigm in terms of the economics of known and fully exploited opportunities. The generic value paradigm, in turn, underpins the economics of the growth of knowledge and the evolution of the economic order as an open-system process due to the origination, adoption, and retention of novel generic rules. Austrian economics is then circumscribed as a special case of the more general “generic” analysis of the coordination and evolution of economic rules. Copyright Springer Science+Business Media, LLC 2007
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Bibliographic InfoArticle provided by Springer in its journal The Review of Austrian Economics.
Volume (Year): 20 (2007)
Issue (Month): 2 (September)
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Web page: http://www.springerlink.com/link.asp?id=100335
Generic and operant analysis; Rules; Economic evolution; A1; B0; D0; E0; O1; P0;
Find related papers by JEL classification:
- A1 - General Economics and Teaching - - General Economics
- B0 - Schools of Economic Thought and Methodology - - General
- D0 - Microeconomics - - General
- E0 - Macroeconomics and Monetary Economics - - General
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- P0 - Economic Systems - - General
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