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Time, knowledge and evolutionary dynamics: why connections matter

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Author Info

  • Brian J. Loasby

    ()
    (Department of Economics, University of Stirling, Stirling FK9 4LA, UK)

Abstract

Time matters because knowledge changes. Knightian uncertainty excludes correct procedures and proven knowledge, but makes room for imagination and creativity, which drive an evolutionary process. Human cognition relies less on logic than on pattern-making; we impose connecting principles to create patterns and causal linkages between them as representations of phenomena, which are imperfect and often subject to multiple interpretations. Stable patterns provide the necessary baseline for selection. Our personal patterns are supplemented by institutional regularities, and organisations of various kinds help to shape the development of knowledge, which grows by making connections at the various margins of existing knowledge.

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Bibliographic Info

Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 11 (2001)
Issue (Month): 4 ()
Pages: 393-412

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Handle: RePEc:spr:joevec:v:11:y:2001:i:4:p:393-412

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Related research

Keywords: Uncertainty - Imagination - Pattern-making - Institutions - Organisation;

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Citations

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Cited by:
  1. José M. Menudo, 2007. "A.-R.-J. Turgot on a General Market: Competition, Price and History," Working Papers 07.07, Universidad Pablo de Olavide, Department of Economics.
  2. Stan Metcalfe, . "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
  3. Muñoz, Félix & Encinar, María Isabel, 2011. "Agents intentionality, capabilities and the performance of Systems of Innovation," Working Papers in Economic Theory 2011/03, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  4. Metcalfe, J.S. & Ramlogan, R., 2005. "Competition and the regulation of economic development," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 215-235, May.
  5. María-Isabel Encinar & Félix-Fernando Muñoz, 2006. "On novelty and economics: Schumpeter’s paradox," Journal of Evolutionary Economics, Springer, vol. 16(3), pages 255-277, August.
  6. Harry Bloch & John Finch, 2010. "Firms and industries in evolutionary economics: lessons from Marshall, Young, Steindl and Penrose," Journal of Evolutionary Economics, Springer, vol. 20(1), pages 139-162, January.
  7. Loasby, Brian J., 2002. "The evolution of knowledge: beyond the biological model," Research Policy, Elsevier, vol. 31(8-9), pages 1227-1239, December.
  8. Muñoz, Félix-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2011. "On the role of intentionality in evolutionary economic change," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 193-203, September.
  9. Carsten Herrmann-Pillath, 2006. "The true story of wine and cloth, or: building blocks of an evolutionary political economy of international trade," Journal of Evolutionary Economics, Springer, vol. 16(4), pages 383-417, October.
  10. Davide Consoli & Ronnie Ramlogan, 2008. "Out of sight: problem sequences and epistemic boundaries of medical know-how on glaucoma," Journal of Evolutionary Economics, Springer, vol. 18(1), pages 31-56, February.
  11. Muñoz, Félix & Encinar, María Isabel, 2007. "Action Plans and Socio-Economic Evolutionary Change," Working Papers in Economic Theory 2007/07, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
  12. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 17-38, January.
  13. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution 2008-04, Max Planck Institute of Economics, Evolutionary Economics Group.
  14. Carlsson, Bo, 2004. "The Digital Economy: what is new and what is not?," Structural Change and Economic Dynamics, Elsevier, vol. 15(3), pages 245-264, September.
  15. Ramlogan, Ronnie & Consoli, Davide, 2008. "Knowledge, understanding and the dynamics of medical innovation," MPRA Paper 9112, University Library of Munich, Germany.

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