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Novelty and the Bounds of Unknowledge in Economics

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U. Witt ()

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Abstract

The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems to be clear, however, is that it implies “bounds of unknowledge” (Shackle) that impose epistemological and methodological constraints on economic theorizing. In this paper, the problems will be examined, possibilities for positively theorizing about novelty will be explored, and the methodological consequences for causal explanations and the modeling of economics dynamics will be discussed.

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Paper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Econonmics and Evolution with number 2007-07.

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Date of creation: Nov 2007
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Handle: RePEc:esi:evopap:2007-07

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Related research
Keywords: novelty epistemic bounds causation dynamical systems economic change evolution Length 20 pages

Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ulrich Witt, 2002. "Generic Features of Evolution and Its Continuity -- a Transdisciplinary Perspective," Papers on Econonmics and Evolution 2002-10, Max Planck Institute of Economics, Evolutionary Economics Group.
  2. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May. [Downloadable!] (restricted)
  3. Metcalfe, J S, 1994. "Competition, Fisher's Principle and Increasing Returns in the Selection Process," Journal of Evolutionary Economics, Springer, vol. 4(4), pages 327-46, November.
  4. Sheri M. Markose, 2005. "Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)," Economic Journal, Royal Economic Society, vol. 115(504), pages F159-F192, 06. [Downloadable!] (restricted)
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  5. U. Witt, 2006. "Evolutionary Economics," Papers on Econonmics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  6. Day, Richard H, 1982. "Irregular Growth Cycles," American Economic Review, American Economic Association, vol. 72(3), pages 406-14, June. [Downloadable!] (restricted)
  7. Witt, Ulrich, 1997. ""Lock-in" vs. "critical masses" -- Industrial change under network externalities," International Journal of Industrial Organization, Elsevier, vol. 15(6), pages 753-773, October. [Downloadable!] (restricted)
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