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Exchange and evolution

  • Jason Potts

    ()

This paper offers an extension of the distinction of [Kohn, Cato Journal, 24:303–339 (2004)] between the two paradigms of modern economic theory—value and exchange—as derived from the generic–operant framework of [Dopfer and Potts, The general theory of economic evolution, Routledge, London, (2007)]. I argue that Austrian and evolutionary economics can be analytically unified about a general framework of rule coordination and change that I shall call the generic value paradigm. This is an analytic generalization of Kohn’s “exchange paradigm” that will allow us to redefine his conception of the “value paradigm” as the operational value paradigm in terms of the economics of known and fully exploited opportunities. The generic value paradigm, in turn, underpins the economics of the growth of knowledge and the evolution of the economic order as an open-system process due to the origination, adoption, and retention of novel generic rules. Austrian economics is then circumscribed as a special case of the more general “generic” analysis of the coordination and evolution of economic rules. Copyright Springer Science+Business Media, LLC 2007

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File URL: http://hdl.handle.net/10.1007/s11138-007-0017-1
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Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 20 (2007)
Issue (Month): 2 (September)
Pages: 123-135

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Handle: RePEc:kap:revaec:v:20:y:2007:i:2:p:123-135
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100335

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  1. Kurt Dopfer & John Foster & Jason Potts, 2004. "Micro-meso-macro," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 263-279, 07.
  2. Peter E. Earl & Jason Potts, 2004. "The market for preferences," Cambridge Journal of Economics, Oxford University Press, vol. 28(4), pages 619-633, July.
  3. Mirowski, Philip, 2007. "Markets come to bits: Evolution, computation and markomata in economic science," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 209-242, June.
  4. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  5. Meir Kohn, 2004. "Value and Exchange," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 303-339, Fall.
  6. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change
    [Understanding the Process of Economic Change]
    ," Introductory Chapters, Princeton University Press.
  7. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
  8. Brian J. Loasby, 2000. "Market institutions and economic evolution," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 297-309.
  9. repec:cto:journl:v:24:y:2004:i:3:p: is not listed on IDEAS
  10. Blaug, Mark, 2001. " Where Are We Now on Cultural Economics?," Journal of Economic Surveys, Wiley Blackwell, vol. 15(2), pages 123-43, April.
  11. Jason Potts, 2001. "Knowledge and markets," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 413-431.
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