Knowledge and markets

Potts, J. (2001) Knowledge and markets. Journal of Evolutionary Economics, 11 4: 413-431. doi:10.1007/PL00003865


Author Potts, J.
Title Knowledge and markets
Journal name Journal of Evolutionary Economics   Check publisher's open access policy
ISSN 0936-9937
Publication date 2001-01-01
Sub-type Article (original research)
DOI 10.1007/PL00003865
Volume 11
Issue 4
Start page 413
End page 431
Total pages 19
Place of publication Germany
Publisher Springer-Verlag
Language eng
Subject C1
340101 Microeconomic Theory
720299 Microeconomic issues not elsewhere classified
1401 Economic Theory
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.
Keyword Economics
Evolution
Knowledge
Markets
Mechanism
Rules
Self-organization
Networks
Dynamics
Growth
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collection: School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 02:38:29 EST