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Novelty and the bounds of unknowledge in economics

Novelty and the bounds of unknowledge in economics Economic development and growth are driven by the emergence of new technologies, new products and services, new institutions, new policies, and so on. Important though it is, the emergence of novelty is not well understood. Epistemological and methodological problems make it a difficult research topic. They imply a ‘bound of unknowledge’ (Shackle) for economic theorizing wherever novelty occurs in economic life. To make progress, this paper takes stock of the problems. The methodological consequences for causal explanations and the modelling of economics dynamics are discussed, and some possibilities for positively theorizing about novelty are outlined. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Methodology Taylor & Francis

Novelty and the bounds of unknowledge in economics

Journal of Economic Methodology , Volume 16 (4): 15 – Dec 1, 2009
15 pages

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References (55)

Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1469-9427
eISSN
1350-178X
DOI
10.1080/13501780903339269
Publisher site
See Article on Publisher Site

Abstract

Economic development and growth are driven by the emergence of new technologies, new products and services, new institutions, new policies, and so on. Important though it is, the emergence of novelty is not well understood. Epistemological and methodological problems make it a difficult research topic. They imply a ‘bound of unknowledge’ (Shackle) for economic theorizing wherever novelty occurs in economic life. To make progress, this paper takes stock of the problems. The methodological consequences for causal explanations and the modelling of economics dynamics are discussed, and some possibilities for positively theorizing about novelty are outlined.

Journal

Journal of Economic MethodologyTaylor & Francis

Published: Dec 1, 2009

Keywords: novelty; epistemic bounds; abduction; causation; dynamical systems; economic change; evolution

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