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Economics for a creative world: some agreements and some criticism


These notes on the article by Koppl et al. (2014) contain some agreements and some criticism. Written upon the invitation of the editor-in-chief of this journal, they express personal views of an economist who has been searching in a similar direction – that is, for a better economic theory, more relevant to problems of modern, innovative, and thus possibly called ‘creative’ economies than the existing theories – but in a somewhat different, less abstract, and to standard economic terminology closer style. The strongest agreements are with both parts of the article's objective: to move away from mechanistic economic models and toward a more evolutionary and institutional approach to economic theory and policy. The pursuit of the first part is most seriously criticized for two illegitimate extensions of initially sound arguments, and the pursuit of the second part, for climbing up to a too abstract metatheoretic level, from which it loses the view of the concrete results that modern economics has already obtained.

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W. J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’, Journal of Political Economy, 98 (5): 893921.

G. M. Hodgson (2004), ‘Darwinism, Causality and the Social Sciences’, Journal of Economic Methodology, 11: 175194.

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G. M. Hodgson and T. Knudsen (2012), ‘Agreeing on Generalised Darwinism: A Response to Pavel Pelikan’, Journal of Evolutionary Economics, 22: 918.

G. M. Hodgson and J. W. Stoelhorst (2014), ‘Introduction to the Special Issue on the Future of Institutional and Evolutionary Economics’, Journal of Institutional Economics, online. DOI: 10.1017/S1744137414000393.

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P. Pelikan (2003), ‘Bringing Institutions into Evolutionary Economics: Another View with Links to Changes in Physical and Social Technologies’, Journal of Evolutionary Economics, 13: 237258.

P. Pelikan (2010), ‘The Government Economic Agenda in a Society of Unequally Rational Individuals’, Kyklos, 63: 231255.

P. Pelikan (2011), ‘Evolutionary Developmental Economics: How to Generalize Darwinism Fruitfully to Help Comprehend Economic Change’, Journal of Evolutionary Economics, 21: 341366.

P. Pelikan (2012). ‘Agreeing on Generalized Darwinism: A Response to Geoffrey Hodgson and Thorbjorn Knudsen’, Journal of Evolutionary Economics, 22: 18.

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Journal of Institutional Economics
  • ISSN: 1744-1374
  • EISSN: 1744-1382
  • URL: /core/journals/journal-of-institutional-economics
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