Chapter 6 Adaptive Economizing, Creativity, and Multiple-Phase Evolution

Abstract

Economic development is the outcome of an interaction between creative intelligence and adaptive economizing. Inventors and innovators continually perturb the possibilities for production, consumption, and social organization. Adaptive economizing enables individuals to cope with changing conditions and take advantage of new opportunities. Any seemingly stable situation that emerges is temporary. The process as a whole evolves out-of-equilibrium.

Citation

Day, R.H. (2011), "Chapter 6 Adaptive Economizing, Creativity, and Multiple-Phase Evolution", de La Grandville, O. (Ed.) Economic Growth and Development (Frontiers of Economics and Globalization, Vol. 11), Emerald Group Publishing Limited, Leeds, pp. 117-139. https://doi.org/10.1108/S1574-8715(2011)0000011011