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The Self-organisation of the Economy

In: The Evolution of Economic Systems

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  • Michael Hutter

Abstract

Self-organisation of the economy is an old topic. But what is its nature? Is it akin to a valve which regulates a machine through a feedback loop, to the dynamic stability of a thermodynamic system, to the evolution of spontaneous order or to the self-reproduction of biological systems? In this chapter, I will introduce a particularly radical form of self-organisation. We will assume that the economy continues through a process of ongoing self-reproduction. Very much like a biological cell, the economy not only structures but generates the elements of which it consists. More precisely: the economy is defined as a network of elementary operations that recursively reproduces elementary operations.

Suggested Citation

  • Michael Hutter, 1990. "The Self-organisation of the Economy," Palgrave Macmillan Books, in: Kurt Dopfer & Karl-F. Raible (ed.), The Evolution of Economic Systems, chapter 9, pages 100-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11153-4_9
    DOI: 10.1007/978-1-349-11153-4_9
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