Knowledge and markets
AbstractAn economy is a coordinated system of distributed knowledge. Economic evolution occurs as knowledge grows and the structure of the system changes. This paper is about the role of markets in this process. Traditionally, the theory of markets has not been a central feature of evolutionary economics. This seems to be due to the orthodox view of markets as information-processing mechanisms for finding equilibria. But in economic evolution markets are actually knowledge-structuring mechanisms. What then is the relation between knowledge, information, markets and mechanisms? I argue that an evolutionary theory of markets, in the manner of Loasby (1999), requires a clear formulation of these relations. I suggest that a conception of knowledge and markets in terms of a graphical theory of complex systems furnishes precisely this.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 11 (2001)
Issue (Month): 4 ()
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00191/index.htm
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Lars Lindkvist, 2004. "Governing Project-based Firms: Promoting Market-like Processes within Hierarchies," Journal of Management and Governance, Springer, vol. 8(1), pages 3-25, March.
- Swami, Viren & Tovée, Martin J. & Furnham, Adrian, 2008. "Does financial security influence judgements of female physical attractiveness?," The Journal of Socio-Economics, Elsevier, vol. 37(4), pages 1363-1370, August.
- Franck Galtier & François Bousquet & Martine Antona & Pierre Bommel, 2012. "Markets as communication systems," Journal of Evolutionary Economics, Springer, vol. 22(1), pages 161-201, January.
- Kurt Dopfer & Jason Potts, 2004. "Evolutionary realism: a new ontology for economics," Journal of Economic Methodology, Taylor and Francis Journals, vol. 11(2), pages 195-212.
- Stan Metcalfe, . "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
- Bleda, Mercedes & del Río, Pablo, 2013. "The market failure and the systemic failure rationales in technological innovation systems," Research Policy, Elsevier, vol. 42(5), pages 1039-1052.
- 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.
- 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.
- Andergassen, Rainer & Nardini, Franco & Ricottilli, Massimo, 2006.
"Innovation waves, self-organized criticality and technological convergence,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 61(4), pages 710-728, December.
- Rainer Andergassen & Franco Nardini & Massimo Ricottilli, . "Innovation Waves, Self-organised Criticality and Technological Convergence," Modeling, Computing, and Mastering Complexity 2003 19, Society for Computational Economics.
- Macneill Stewart & Hugues Jeannerat, 2013. "Mobility of Knowledge. Territorial Knowledge Dynamics in luxury car industry. Beyond standard and production markets," GRET Publications and Working Papers 01-13, GRET Group of Research in Territorial Economy, University of Neuchâtel.
- Ron Martin & Peter Sunley, 2007.
"Complexity thinking and evolutionary economic geography,"
Journal of Economic Geography,
Oxford University Press, vol. 7(5), pages 573-601, September.
- Ron Martin & Peter Sunley, 2007. "Complexity Thinking and Evolutionary Economic Geography," Papers in Evolutionary Economic Geography (PEEG) 0703, Utrecht University, Section of Economic Geography, revised Apr 2007.
- John Stanley Metcalfe, 2003. "Industrial Growth and the Theory of Retardation. Precursors of an Adaptive Evolutionary Theory of EconomicChange," Revue économique, Presses de Sciences-Po, vol. 54(2), pages 407-431.
- Kirsten Foss & Nicolai J. Foss, 2003. "Authority in the Context of Distributed Knowledge," DRUID Working Papers 03-08, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- R. Andergassen & F. Nardini & M. Ricottilli, 2003. "Self-organised Criticality and Technological Convergence," Working Papers 469, Dipartimento Scienze Economiche, Universita' di Bologna.
- Patrucco, Pier Paolo, 2008. "Complexity and Organizational Change in the Coordination of Technological Knowledge: Evidence from the Automobile Cluster in Turin," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200808, University of Turin.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).
If references are entirely missing, you can add them using this form.