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Capacities, Processes, and Feedbacks: The Complex Dynamics of Development
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- Authors
- Issue Date
- 2010-04
- Citation
- Seoul Journal of Economics, Vol.23 No.2, pp. 187-237
- Keywords
- Complexity ; Absorption capacity ; Connectivity ; Innovation
- Abstract
- The theory of complex systems applied to the evolutionary economics
allows innovation to be considered not only the result of the
intentional action of individual agent, but as an endogenous property
of system dynamics. In this sense, innovation constitutes an
emergent property of the system because it is not entirely determined
on micro or macro levels, but is a result of continuous
interaction between the two. At micro level the paper assumes that
economic agents are endowed with intentionality in their adaptive
or creative reactions that explains specific patterns of capacities
and connectivity development. At macro level, processes of creative
destruction, appropriation and structural change describe the evolution
of the whole system. These dynamics tend to consolidate
institutional frameworks that could be adverse or beneficial to innovation
and that would reinforce divergent development paths. The
feedbacks between micro and macro levels explain why the initial
differences in development levels tend to increase between developed
and developing countries.
- ISSN
- 1225-0279
- Language
- English
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