Hostname: page-component-8448b6f56d-qsmjn Total loading time: 0 Render date: 2024-04-20T01:14:04.279Z Has data issue: false hasContentIssue false

Economics for a creative world: some agreements and some criticism

Published online by Cambridge University Press:  04 September 2014

PAVEL PELIKAN*
Affiliation:
Department of Institutional Economics, University of Economics, Prague, Czech Republic

Abstract

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.

Type
Research Article
Copyright
Copyright © Millennium Economics Ltd 2014 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Acemoglu, D. and Robinson, J. A. (2012), Why Nations Fail: The Origins of Power, Prosperity and Poverty, London: Profile Books.Google Scholar
Baumol, W. J. (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’, Journal of Political Economy, 98 (5): 893921.Google Scholar
Bunge, Mario A. (1959), Causality: The Place of the Causal Principle in Modern Science, Cambridge, MA: Harvard University Press.Google Scholar
Hayek, F. A. (1967), Studies in Philosophy, Politics, and Economics, Chicago, IL: University of Chicago Press.Google Scholar
Henrekson, M. and Sanandaji, T., eds. (2012), Institutional Entrepreneurship, Cheltenham and Northampton: Edward Elgar.Google Scholar
Hodgson, G. M. (2004), ‘Darwinism, Causality and the Social Sciences’, Journal of Economic Methodology, 11: 175194.Google Scholar
Hodgson, G. M. and Knudsen, T. (2010), Darwin's Conjecture: The Search for General Principles of Social and Economic Evolution, Chicago, IL: University of Chicago Press.Google Scholar
Hodgson, G. M. and Knudsen, T. (2012), ‘Agreeing on Generalised Darwinism: A Response to Pavel Pelikan’, Journal of Evolutionary Economics, 22: 918.Google Scholar
Hodgson, G. M. and Stoelhorst, J. W. (2014), ‘Introduction to the Special Issue on the Future of Institutional and Evolutionary Economics’, Journal of Institutional Economics, online. DOI: 10.1017/S1744137414000393.Google Scholar
Hofstadter, D. R. (1979), Gödel, Escher, Bach: An Eternal Golden Braid, New York: Basic Books.Google Scholar
Koppl, R., Kauffman, S., Felin, T., and Longo, G. (2014), ‘Economics for a Creative World’, Journal of Institutional Economics, online. DOI: 10.1017/S1744137414000150.Google Scholar
Nelson, R. R. (2002), ‘Bringing Institutions into Evolutionary Growth Theory’, Journal of Evolutionary Economics 12: 1728.Google Scholar
North, D. C. (1990), Institutions, Institutional Change, and Economic Performance, Cambridge: Cambridge University Press.Google Scholar
North, D. C. and Thomas, R. P. (1973), The Rise of the Western World: A New Economic History, Cambridge, NY, and Melbourne: Cambridge University Press.Google Scholar
Pelikan, P. (1969), ‘Language as a Limiting Factor for Centralization’, American Economic Review, 59: 625631.Google Scholar
Pelikan, P. (2003), ‘Bringing Institutions into Evolutionary Economics: Another View with Links to Changes in Physical and Social Technologies’, Journal of Evolutionary Economics, 13: 237258.CrossRefGoogle Scholar
Pelikan, P. (2010), ‘The Government Economic Agenda in a Society of Unequally Rational Individuals’, Kyklos, 63: 231255.Google Scholar
Pelikan, P. (2011), ‘Evolutionary Developmental Economics: How to Generalize Darwinism Fruitfully to Help Comprehend Economic Change’, Journal of Evolutionary Economics, 21: 341366.Google Scholar
Pelikan, P. (2012). ‘Agreeing on Generalized Darwinism: A Response to Geoffrey Hodgson and Thorbjorn Knudsen’, Journal of Evolutionary Economics, 22: 18.Google Scholar
Pelikan, P. (2013), ‘The Evolution of the Institutional Frameworks of Economies: Ideological Wishes vs. Evolutionary Sustainability’, Working Paper No. 5, Prague, Czech Republic: Department of Institutional Economics, University of Economics, http://kie.vse.cz/wp-content/uploads/PP-EAEPE2013-evol-IF3.pdf.Google Scholar
Pelikan, P. (2014), ‘Financial Regulations for Minimizing Economic and Social Crises: An Evolutionary-Developmental Analysis Reckoning with Unequally Rational Individuals’, in Mamica, L. and Tridico, P. (eds.), Economic Policy and the Financial Crisis, London: Routledge.Google Scholar
Sanandaji, T. and Sanandaji, N. (2014), SuperEntrepreneurs – And How Your Country Can Get Them. London: Centre for Policy Studies.Google Scholar