Further Economy Stability

Evolutionary economics in general and technology studies in particular have tended to focus too much on supply-side considerations and competitive selection arguments. The consequence of this lopsided view is a poorly developed sense of the role of network and complexity analysis in understanding the process of economic transformation. We argued here that consumption is about [...]

An analytical hold on this perspective is achievable, not by trying to extend preference theory by ever higher order algebraic relaxations, but rather by rethinking the geometry of the space in which preferences are compiled and operated, and of the dynamics of this process. Network theory has come a remarkably long way in recent years, [...]

Rather than basing economic analysis on production functions for firms and preference functions for consumers, we gain a better understanding of economic structure and its dynamics by viewing both production and consumption as occurring in complex interacting networks. Value has both static and dynamic dimensions. Evolutionary theory is about how they interact. Evolutionary economics should [...]

Implicitly or otherwise, all talk of economic transformation is talk of a dynamical process. But a dynamical process can mean many things. So the question should be more specific: What kind of dynamical process is economic transformation? There are many ways of describing economic transformation. It may be a smooth and laminar process, for example, [...]