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Flexibility and Stability in the Innovating Economy$
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Maureen McKelvey and Magnus Holmén

Print publication date: 2006

Print ISBN-13: 9780199290475

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0199290474.001.0001

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Self‐transformation, Self‐organization, and Evolutionary Adaptation in the Economic Process

Self‐transformation, Self‐organization, and Evolutionary Adaptation in the Economic Process

Chapter:
(p.121) 6 Self‐transformation, Self‐organization, and Evolutionary Adaptation in the Economic Process
Source:
Flexibility and Stability in the Innovating Economy
Author(s):

J. Stan Metcalfe (Contributor Webpage)

Ronnie Ramlogan

Publisher:
Oxford University Press
DOI:10.1093/0199290474.003.0006

This chapter focuses on the connection between economic adaptation and economic development and growth. It argues that economic adaptation is inseparable from the growth of knowledge, and that market based dynamics give adaptation a form that is central to change in modern capitalism. Reallocation of resources is the consequence of different beliefs; the imagination that the economic world can be organized differently. This is the primary reason why economies evolve and adapt, in that they are instituted variation, selection, and developmental processes.

Keywords:   economic adaptation, economic development, economic growth, knowledge, complex knowledge system, evolutionary economics

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