Innovation is a spontaneous order

Potts, J 2014, 'Innovation is a spontaneous order', Cosmos and Taxis: Studies in Emergent Order and Organization, vol. 2, no. 1, pp. 1-10.

Document type: Journal Article
Collection: Journal Articles

Title Innovation is a spontaneous order
Author(s) Potts, J
Year 2014
Journal name Cosmos and Taxis: Studies in Emergent Order and Organization
Volume number 2
Issue number 1
Start page 1
End page 10
Total pages 10
Publisher Simon Fraser University
Abstract Viewed from the market failure perspective, the order of the innovation process is a planned rational order-a taxis. However, from the theory of market process, innovation is a spontaneous order-a cosmos. How one understands the order of innovation thus turns on priors of the order of markets. This paper proposes five new arguments for the order of innovation, none of which derive from a theory of markets. All five further develop the spontaneous-order view of innovation. These are: (1) science as a spontaneous order; (2) new business models; (3) co-operation in developing technologies; (4) clusters and innovation externalities; and (5) copying processes and local adaptation.
Subject Heterodox Economics
Keyword(s) innovation policy
innovation process
economic co-ordination
knowledge problem
Copyright notice © 2014 Simon Fraser University; Author
ISSN 2291-5079
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