2016/39 | LEM Working Paper Series | ||||||||||||||||
In order to stand up you must keep cycling: change and coordination in complex evolving economies |
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Giovanni Dosi and Maria Enrica Virgillito |
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Keywords | |||||||||||||||||
Change, Coordination, Evolutionary Economics, Socio-Economic Systems
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JEL Classifications | |||||||||||||||||
O1, O3, P1
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Abstract | |||||||||||||||||
In this work we discuss the main building blocks, achievements and
challenges of an evolutionary interpretation of the relation between
mechanisms of coordination and drivers of change in modern economies,
seen as complex evolving systems. It is an evident stylised fact of
modern economic systems that there are forces at work which keep them
together and make them grow despite rapid and profound modifications
of their industrial structures, social relations, techniques of
production, patterns of consumption. We suggest that a fruitful
interpretation of the two processes rests in what we call the “bicycle
conjecture”: in order to stand up you must keep cycling. However,
changes and transformation are by nature “disequilibrating”
forces. Thus there must be other factors which maintain relatively
ordered configurations of the system and allow a broad consistency
between the conditions of material reproduction (including income
distributions, accumulation, available techniques) and the thread of
social relations.
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