Knowledge and Markets

Potts, Jason D. (2001) Knowledge and Markets. Journal of Evolutionary Economic, 11(4), pp. 413-431.

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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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70 citations in Scopus
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45 citations in Web of Science®

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ID Code: 10240
Item Type: Journal Article
Refereed: Yes
DOI: 10.1007/PL00003865
ISSN: 0936-9937
Divisions: Current > QUT Faculties and Divisions > Creative Industries Faculty
Copyright Owner: Copyright 2001 Springer
Copyright Statement: The original publication is available at SpringerLink
Deposited On: 19 Oct 2007 00:00
Last Modified: 15 Jan 2009 07:50

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