Knowledge and markets |
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Authors: | Jason Potts |
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Institution: | (1) School of Economics, University of Queensland, Brisbane, QLD 4072, Australia (e-mail: j.potts@economics.uq.edu.au) , AU |
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Abstract: | An economy is a coordinated system of distributed knowledge. Economic evolution occurs as knowledge grows and the structure
of the system changes. This paper is about the role of markets in this process. Traditionally, the theory of markets has not
been a central feature of evolutionary economics. This seems to be due to the orthodox view of markets as information-processing
mechanisms for finding equilibria. But in economic evolution markets are actually knowledge-structuring mechanisms. What then
is the relation between knowledge, information, markets and mechanisms? I argue that an evolutionary theory of markets, in
the manner of Loasby (1999), requires a clear formulation of these relations. I suggest that a conception of knowledge and
markets in terms of a graphical theory of complex systems furnishes precisely this. |
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Keywords: | : Evolution – Knowledge – Markets – Mechanism – Rules |
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