NDLI: Capitalism and evolution

Content Provider	Springer Nature Link
Author	Metcalfe, Stan
Copyright Year	2013
Abstract	In this paper I to ask an old fashioned question, “Why do capitalist economies evolve in the way that they do?” The answer will lie, in the nature of human curiosity and the corresponding growth of knowledge and in the particular instituted rules of the game that induce the self transformation of each particular economic order. The essential idea is this; the manner of self transforming is contingent on the manner of self-ordering, so that different instituting frames have different dynamic consequences. The notion of order provides the bridge to the systemic properties of the economy, the nature of its parts and the manner of their interconnection, while the notion of transformation provides the link with evolution and the open-ended, essentially unpredictable, development of capitalism. From my perspective capitalist economies are ignorance economies, in which highly specialised individuals and teams know a great deal about very little, so that the productive strength of the system, its collective knowing, depends on how the pools of specialised, narrow understandings are connected. Connectivity requires organisation and organisation depends on rules of the game and on belief and trust so that we can rely upon the testimony and actions of others. Failure of trust leads to failure of connectivity and a corresponding loss of system coherence. Order is central to the notion of economic evolution and, in practice, economic configurations demonstrate immense richness and subtlety but order is not equilibrium. Systems in equilibrium do not evolve. That the day to day structures of capitalism are the product of ordering processes in the epistemic as well as the material realm seems to me self evident and it is equally self evident that these structures are restless, that their development is open-ended and unpredictable.
Starting Page	11
Ending Page	34
Page Count	24
File Format	PDF
ISSN	09369937
Journal	Journal of Evolutionary Economics
Volume Number	24
Issue Number	1
e-ISSN	14321386
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2013-03-16
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Economic evolution Economic order and epistemic order Restless capitalism Ignorance and organization Knowledge and connectivity Self organization and self transformation Economic Theory Microeconomics Economic Growth R & D/Technology Policy Entrepreneurship
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

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