Sunday, June 11, 2006
New Journal on Capitalism's Dynamic Benefits
A new journal, called Capitalism and Society, has recently been introduced by the Berkeley Electronic Press. It's goal's is to fill in certain gaps in current economic theory, which are summarized as:
I'm sure Travis and Chris will love this. I'm also expecting very good and interesting things from this journal. Just look at the editorial board! It includes Jeff Sachs, Joesph Stiglitz, Ed Phelps, and Glenn Hubbard. Not a shabby crowd at all.
Go check out the first issue today!
The capitalist system is of great interest and importance in view of its outstanding dynamism relative to that of other systems tried in the past century. Yet the established body of economic theory – intertemporal, information-theoretic and game-theoretic – does not incorporate key elements of the capitalist dynamic: business innovation as distinct from technological advance and the contributions of entrepreneurs and financiers to the innovation process. As a consequence, established theory cannot capture the core of the dynamism. In fact it contradicts the existence of such dynamism: Capitalism is an evolving, unruly, open-ended system while the theory implies a deterministic future however buffeted it is by stochastic shocks.
I'm sure Travis and Chris will love this. I'm also expecting very good and interesting things from this journal. Just look at the editorial board! It includes Jeff Sachs, Joesph Stiglitz, Ed Phelps, and Glenn Hubbard. Not a shabby crowd at all.
Go check out the first issue today!
