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Time, knowledge and evolutionary dynamics: why connections matter

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  • Brian J. Loasby

    () (Department of Economics, University of Stirling, Stirling FK9 4LA, UK)

Abstract

Time matters because knowledge changes. Knightian uncertainty excludes correct procedures and proven knowledge, but makes room for imagination and creativity, which drive an evolutionary process. Human cognition relies less on logic than on pattern-making; we impose connecting principles to create patterns and causal linkages between them as representations of phenomena, which are imperfect and often subject to multiple interpretations. Stable patterns provide the necessary baseline for selection. Our personal patterns are supplemented by institutional regularities, and organisations of various kinds help to shape the development of knowledge, which grows by making connections at the various margins of existing knowledge.

Suggested Citation

  • Brian J. Loasby, 2001. "Time, knowledge and evolutionary dynamics: why connections matter," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 393-412.
  • Handle: RePEc:spr:joevec:v:11:y:2001:i:4:p:393-412
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    Cited by:

    1. repec:spr:jknowl:v:8:y:2017:i:1:d:10.1007_s13132-015-0263-6 is not listed on IDEAS
    2. María-Isabel Encinar & Félix-Fernando Muñoz, 2006. "On novelty and economics: Schumpeter’s paradox," Journal of Evolutionary Economics, Springer, vol. 16(3), pages 255-277, August.
    3. Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, pages 17-38.
    4. Scazzieri, Roberto, 2014. "A structural theory of increasing returns," Structural Change and Economic Dynamics, Elsevier, vol. 29(C), pages 75-88.
    5. Muñoz, Félix & Encinar, María Isabel & Fernández-de-Pinedo, Nadia, 2014. "Intentionality and technological and institutional change: Implications for economic development," Working Papers in Economic Theory 2014/04, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    6. Muñoz, Félix-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2011. "On the role of intentionality in evolutionary economic change," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 193-203, September.
    7. Stan Metcalfe, "undated". "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
    8. Elsner, Wolfram & Schwardt, Henning, 2015. "The (dis-)embedded firm: Complex structure and dynamics in inter-firm relations. Adding institutionalization as a Veblenian dimension to the Coase-Williamson approach – An emerging triangular organiza," MPRA Paper 67193, University Library of Munich, Germany.
    9. S. Bhaduri & H. Worch, 2008. "Past Experience, Cognitive Frames, and Entrepreneurship: Some Econometric Evidence from the Indian Pharmaceutical Industry," Papers on Economics and Evolution 2008-04, Philipps University Marburg, Department of Geography.
    10. Hautala, Johanna & Jauhiainen, Jussi S., 2014. "Spatio-temporal processes of knowledge creation," Research Policy, Elsevier, pages 655-668.
    11. Ramlogan, Ronnie & Consoli, Davide, 2007. "Knowledge, Understanding and the Dynamics of Medical Innovation," European Journal of Economic and Social Systems, Lavoisier, pages 231-249.
    12. Muñoz, Félix & Encinar, María Isabel, 2011. "Agents intentionality, capabilities and the performance of Systems of Innovation," Working Papers in Economic Theory 2011/03, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    13. Carsten Herrmann-Pillath, 2006. "The true story of wine and cloth, or: building blocks of an evolutionary political economy of international trade," Journal of Evolutionary Economics, Springer, vol. 16(4), pages 383-417, October.
    14. Harry Bloch & John Finch, 2010. "Firms and industries in evolutionary economics: lessons from Marshall, Young, Steindl and Penrose," Journal of Evolutionary Economics, Springer, pages 139-162.
    15. John Stanley Metcalfe & Ronnie Ramlogan, 2007. "Competition and the Regulation of Economic Development," Chapters,in: Competitive Advantage and Competition Policy in Developing Countries, chapter 2 Edward Elgar Publishing.
    16. Davide Consoli & Ronnie Ramlogan, 2008. "Out of sight: problem sequences and epistemic boundaries of medical know-how on glaucoma," Journal of Evolutionary Economics, Springer, vol. 18(1), pages 31-56, February.
    17. Stan Metcalfe, 2014. "Capitalism and evolution," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 11-34, January.
    18. Lengyel, Balázs & Leydesdorff, Loet, 2015. "The Effects of FDI on Innovation Systems in Hungarian Regions: Where is the Synergy Generated?," MPRA Paper 73945, University Library of Munich, Germany.
    19. Krafft, Jackie, 2004. "Frontières de la firme et de l’industrie : Les perspectives récentes issues de la rencontre entre l’histoire industrielle et l’économie industrielle," L'Actualité Economique, Société Canadienne de Science Economique, vol. 80(1), pages 109-135, Mars.
    20. José M. Menudo, 2007. "A.-R.-J. Turgot on a General Market: Competition, Price and History," Working Papers 07.07, Universidad Pablo de Olavide, Department of Economics.
    21. Alexander Ebner, 2013. "Cluster policies and entrepreneurial states in East Asia," Chapters,in: Clusters and Economic Growth in Asia, chapter 1, pages 1-20 Edward Elgar Publishing.
    22. Muñoz, Félix & Encinar, María Isabel, 2007. "Action Plans and Socio-Economic Evolutionary Change," Working Papers in Economic Theory 2007/07, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    23. Carlsson, Bo, 2004. "The Digital Economy: what is new and what is not?," Structural Change and Economic Dynamics, Elsevier, vol. 15(3), pages 245-264, September.
    24. Loasby, Brian J., 2002. "The evolution of knowledge: beyond the biological model," Research Policy, Elsevier, pages 1227-1239.

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