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Changing levels of self-organization : how a capitalist economy differs from other complex systems

Author

Listed:
  • Leonardo Costa Ribeiro

    (Inmetro-RJ)

  • Leonardo Gomes de Deus

    (Cedeplar-UFMG)

  • Pedro Mendes Loureiro

    (SOAS-UK)

  • Eduardo da Motta e Albuquerque

    (Cedeplar-UFMG)

Abstract

This paper investigates the specificity of a modern capitalist economy as a complex system. This investigation is based on a review of the literature to understand complexity in the physical and biological worlds, to learn the bases of complexity and self-organization, and to locate the tools used to identify and measure them. An economy has different layers and levels of organization, based upon human beings, agents that think, have intentions and change all the time. This paper presents a new model to replicate the workings of a capitalist economy that endogenizes the introduction of innovations and institutional change, and it runs a simulation. The analysis of those results indicate that a modern capitalist economy is a complex system, and that this complex system changes its level of self-organization over time. This finding highlights the peculiarity of a capitalist economy vis-à-vis other complex systems.

Suggested Citation

  • Leonardo Costa Ribeiro & Leonardo Gomes de Deus & Pedro Mendes Loureiro & Eduardo da Motta e Albuquerque, 2018. "Changing levels of self-organization : how a capitalist economy differs from other complex systems," Textos para Discussão Cedeplar-UFMG 581, Cedeplar, Universidade Federal de Minas Gerais.
    • Handle: RePEc:cdp:texdis:td581
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    File URL: https://www.cedeplar.ufmg.br/pesquisas/td/TD%20581.pdf
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    References listed on IDEAS

    as
    1. Teece, David J., 2010. "Technological Innovation and the Theory of the Firm," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 679-730, Elsevier.
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    Cited by:

    1. Hartwell, Christopher A. & Devinney, Timothy, 2021. "Populism, political risk, and pandemics: The challenges of political leadership for business in a post-COVID world," Journal of World Business, Elsevier, vol. 56(4).

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    More about this item

    Keywords

    rate of profit; technological revolutions; Marx; complex systems; metamorphoses of capitalism; simulation models.;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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