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Economics for a creative world: a response to comments

Author

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  • KOPPL, ROGER
  • KAUFFMAN, STUART
  • FELIN, TEPPO
  • LONGO, GIUSEPPE

Abstract

In response to Pelikan, Witt, Foster, and Colander, we reiterate our main contributions: (1) our more careful demonstration of why ‘mechanistic’ models have limited application, (2) our account of novelty as a system-level phenomenon, and (3) our identification of ‘novelty intermediation’ as important to creative economic dynamics. We also address some of the criticisms raised by the commenters. Pavel Pelikan's idea of stochastic causality does not somehow eliminate unprestateable change. We do challenge certain strong notions of universal causation, as Ulrich Witt notes, but such notions are probably best abandoned. Although, we do not repudiate mathematical modeling as our paper suggested to John Foster, we may give less scope than Foster to such methods. Finally, we point out the extreme difficulty of implementing the sort of engineering vision Colander articulates.

Suggested Citation

  • Koppl, Roger & Kauffman, Stuart & Felin, Teppo & Longo, Giuseppe, 2015. "Economics for a creative world: a response to comments," Journal of Institutional Economics, Cambridge University Press, vol. 11(1), pages 61-68, March.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:01:p:61-68_00
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    Cited by:

    1. Abigail N. Devereaux, 2019. "The nudge wars: A modern socialist calculation debate," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 139-158, June.
    2. Mikayla Novak, 2019. "Crypto-friendliness: understanding blockchain public policy," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 9(2), pages 165-184, September.
    3. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, January.
    4. Khraisha, Tamer, 2020. "Complex economic problems and fitness landscapes: Assessment and methodological perspectives," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 390-407.
    5. Roger Koppl & Abigail Devereaux & Jim Herriot & Stuart Kauffman, 2018. "A Simple Combinatorial Model of World Economic History," Papers 1811.04502, arXiv.org.
    6. Phelan, Steven E. & Wenzel, Nikolai G., 2023. "Big Data, Quantum Computing, and the Economic Calculation Debate: Will Roasted Cyberpigeons Fly into the Mouths of Comrades?," Journal of Economic Behavior & Organization, Elsevier, vol. 206(C), pages 172-181.
    7. John F. McVea & Nicholas Dew, 2022. "Unshackling Imagination: How Philosophical Pragmatism can Liberate Entrepreneurial Decision-Making," Journal of Business Ethics, Springer, vol. 181(2), pages 301-316, November.
    8. Leigh Tesfatsion, 2017. "Modeling economic systems as locally-constructive sequential games," Journal of Economic Methodology, Taylor & Francis Journals, vol. 24(4), pages 384-409, October.
    9. Moreno-Casas, Vicente & Espinosa, Victor I. & Wang, William Hongsong, 2022. "The political economy of complexity: The case of cyber-communism," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 566-580.
    10. Abigail N. Devereaux & Richard E. Wagner, 2020. "Contrasting Visions for Macroeconomic Theory: DSGE and OEE," The American Economist, Sage Publications, vol. 65(1), pages 28-50, March.
    11. Blaž Remic, 2021. "Environment as a Resource, not a Constraint," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 141(1-2), pages 85-107.
    12. James Lee Caton, 2019. "Creativity in a theory of entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 8(4), pages 442-469, September.
    13. Burmaoglu, Serhat & Sartenaer, Olivier & Porter, Alan, 2019. "Conceptual definition of technology emergence: A long journey from philosophy of science to science policy," Technology in Society, Elsevier, vol. 59(C).
    14. Vicente Moreno-Casas, 2023. "The Harvard-MIT complexity approach to development and Austrian economics: Similarities and policy implications," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 515-539, December.
    15. Antonio Bariletti & Eleonora Sanfilippo, 2017. "At the origin of the notion of ?creative? goods in economics: Scitovsky and Hawtrey," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2017(1), pages 5-34.
    16. Tesfatsion, Leigh, 2017. "Modeling Economic Systems as Locally-Constructive Sequential Games," ISU General Staff Papers 201704300700001022, Iowa State University, Department of Economics.
    17. James Caton, 2017. "Entrepreneurship, search costs, and ecological rationality in an agent-based economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 107-130, March.
    18. Stephen G. Zimmer, 2023. "Rethinking the role of human Capital in Growth Models," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 567-588, December.
    19. Dirk Nicolas Wagner, 2020. "Economic patterns in a world with artificial intelligence," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 111-131, January.
    20. Paul Lewis, 2021. "Entrepreneurship, novel combinations, capital regrouping, and the structure-agency relationship: an introduction to the special issue on innovation and Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(1), pages 1-12, March.
    21. Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
    22. Tesfatsion, Leigh, 2017. "Modeling Economic Systems as Locally-Constructive Sequential Games," ISU General Staff Papers 201703280700001022, Iowa State University, Department of Economics.

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