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The Market as a Creative Process
Abstract
Contributions in modern theoretical physics and chemistry on the behavior of nonlinear systems, exemplified by Ilya Prigogine's work on the thermodynamics of open systems (Prigogine and Stengers, 1984), attract growing attention in economics (Anderson, Arrow, and Pines, 1988; Arthur, 1990; Baumol and Benhabib, 1989; Mirowski, 1990; Radzicki, 1990). Our purpose here is to relate the new orientation in the natural sciences to a particular nonorthodox strand of thought within economics. All that is needed for this purpose is some appreciation of the general thrust of the enterprise, which involves a shift of perspective from the determinism of conventional physics (which presumably inspired the neoclassical research program in economics) to the nonteleological open-endedness, creative, and nondetermined nature of evolutionary processes.
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Citations
Cited by
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Beckert, J. (2013) · Theory and Society · doi:10.1007/s11186-013-9191-2 · Cited by 552
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Bradley, S. W., McMullen, J. S., Artz, K., & Simiyu, E. M. (2012) · Journal of Management Studies · doi:10.1111/j.1467-6486.2012.01043.x · Cited by 375
Metadata
- Authors
- Buchanan, J. M., & Vanberg, V. J.
- Venue
- Economics and Philosophy
- Publisher
- Cambridge University Press (CUP)
- Published
- 1991-10
- Volume
- 7
- Issue
- 2
- Pages
- 167-186
- ISSN
- 0266-2671 (ISSN-L)
- 1474-0028
- OpenAlex
- W2121049031
- Cited by
- 375
- References
- 0
- FWCI
- 13.52
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: The Market as a Creative Process. https://app.cochat.ai/papers/10.1017/s0266267100001383
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- Buchanan, J. M., & Vanberg, V. J. (1991). The Market as a Creative Process. Economics and Philosophy. https://doi.org/10.1017/s0266267100001383
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
