Novelty and the Bounds of Unknowledge in Economics
AbstractThe 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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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2007-07.
Date of creation: Nov 2007
Date of revision:
Other versions of this item:
- Ulrich Witt, 2009. "Novelty and the bounds of unknowledge in economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 16(4), pages 361-375.
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - 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; Research and Development; Intellectual Property Rights - - - General
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-11-10 (All new papers)
- NEP-CBE-2007-11-10 (Cognitive & Behavioural Economics)
- NEP-INO-2007-11-10 (Innovation)
- NEP-PKE-2007-11-10 (Post Keynesian Economics)
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