Economic Structures and Dynamics: A Morphogenetic View

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Venkatachalam, Ragupathy and Kumar, Sunil Mitra. 2022. Economic Structures and Dynamics: A Morphogenetic View. Structural Change and Economic Dynamics, 61, pp. 474-485. ISSN 0954-349X [Article]

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Abstract or Description

Economic systems are characterised by constant change and evolution, and explanations concerning the properties of economic structures have received sustained interest. The structure of a system and its dynamics can influence each other through feedback effects. In this paper we offer a brief survey of how structure plays a role in dynamic economic theory – in particular, growth and business cycles. We propose a morphogenetic framework, inspired from the creation of forms in developmental biology, as a potential unifying approach for studying economic structures and their dynamics. We synthesise insights from three different strands of research, focusing on the role of coupling, diffusion and symmetry-breaking. We highlight their existing and prospective links with economics.

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Article

Identification Number (DOI):

https://doi.org/10.1016/j.strueco.2021.02.003