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How the Social Economy Produces Innovation

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  • Jason Potts
  • John Hartley

Abstract

Social economics has long been concerned with the effects on human societies of market-coordinated processes of economic innovation. But the social economy also causes invention and innovation, an aspect that has received less attention. This article reviews three new approaches to the study of the growth of knowledge in economic systems as driven expressly by sociocultural mechanisms and dynamics. The first are so-called “social network markets” and “novelty bundling markets”. The second extends from “knowledge commons” to “innovation commons”. The third is a sociocultural semiotic process of group dynamics. These models represent different ways the social economy generates newness and produces innovation.

Suggested Citation

  • Jason Potts & John Hartley, 2015. "How the Social Economy Produces Innovation," Review of Social Economy, Taylor & Francis Journals, vol. 73(3), pages 263-282, September.
    • Handle: RePEc:taf:rsocec:v:73:y:2015:i:3:p:263-282
    DOI: 10.1080/00346764.2015.1067756
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    References listed on IDEAS

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    1. Lucien Karpik, 2010. "Valuing the Unique: The Economics of Singularities," Economics Books, Princeton University Press, edition 1, number 9215.
    2. Bentley, Alex & Earls, Mark & O'Brien, Michael J., 2011. "I'll Have What She's Having: Mapping Social Behavior," MIT Press Books, The MIT Press, edition 1, volume 1, number 026201615x, December.
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    Cited by:

    1. Potts, Jason & Kastelle, Tim, 2017. "Economics of innovation in Australian agricultural economics and policy," Economic Analysis and Policy, Elsevier, vol. 54(C), pages 96-104.

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