NDLI: Building systems

Content Provider	Springer Nature Link
Author	Loasby, Brian J.
Copyright Year	2012
Abstract	A system is a set of elements which are connected in particular ways. The formal general equilibrium model is an extreme case in which every element is directly connected to every other and in which all potential external connections, including connections from the future, are incorporated in the data. The foundational assumption of this paper is that viable systems must be selectively connected, and that viable large systems are highly-decomposable assemblies of smaller systems. As Simon argued, quasi-decomposability has made evolution possible from the beginning of the universe. Economies are evolutionary systems, in which human intentionality is a novel feature which modifies but does not supersede the processes of novelty generation, selection and diffusion. The microfoundations for this study are found in the characteristics of the human brain as a system of selective connections. Human knowledge consists of domain-limited patterns imposed on events. Organization—selective connections—is thus basic; but the potential for human knowledge is greatly enhanced by specialisation between domains, combined with variation within each. Co-ordination and development, so often separated in economic theory, are interconnected; they are both ordered processes—not states, in which markets (alongside many other institutions) are prime sources of order.
Starting Page	833
Ending Page	846
Page Count	14
File Format	PDF
ISSN	09369937
Journal	Journal of Evolutionary Economics
Volume Number	22
Issue Number	4
e-ISSN	14321386
Language	English
Publisher	Springer-Verlag
Publisher Date	2012-07-27
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Evolution Decomposability Process Order Microeconomics R & D/Technology Policy Economic Theory Economic Growth Entrepreneurship
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

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