2012/08 | LEM Working Paper Series | |
Economic Coordination and Dynamics: Some Elements of an Alternative "Evolutionary" Paradigm |
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Giovanni Dosi |
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Keywords | ||
Economic Evolution, Coordination, Dynamics, Bounded Rationality, Agent-based Macro Models, Innovation
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Abstract | ||
The paper, largely based on the introduction to Dosi (2012),
elaborates on the main interpretative ingredients, methodology and
challenges ahead of the evolutionary research program in economics.
Telegraphically, such a perspective attempts to understand a wide set
of economic phenomena - ranging from microeconomic behaviours to the
features of industrial structures and dynamics, all the way to the
properties of aggregate growth and development - as outcomes of
far-from-equilibrium interactions among heterogeneous agents,
characterized by endogenous preferences, most often "boundedly
rational" but always capable of learning, adapting and innovating with
respect to their understandings of the world in which they operate,
the technologies they master, their organizational forms and their
behavioural repertoires. And on methodological grounds, far from
disdaining formal modelling and statistical analysis, the research
program is, however, largely inductive, taking very seriously indeed
empirical regularities at all levels of observation as discipline for
the modelling assumptions. Together, the paper places such
interpretative perspective against some fundamental questions
addressed by the economic discipline in general and against the
answers to such questions that contemporary theory has to offer. Such
questions fundamentally concern first, the drivers of dynamics and,
second, the conditions of coordination among interacting agents.
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