Review of Behavioral Economics > Vol 8 > Issue 1

Creative Dynamics and Entangled Political Economy

Marta Podemska-Mikluch, Gustavus Adolphus College, USA,
Suggested Citation
Marta Podemska-Mikluch (2021), "Creative Dynamics and Entangled Political Economy", Review of Behavioral Economics: Vol. 8: No. 1, pp 47-71.

Publication Date: 14 Apr 2021
© 2021 M. Podemska-Mikluch
Nascent and start-up entrepreneurs,  New venture creation process,  Nascent and start-up entrepreneurs,  Entrepreneurial thinking,  Entrepreneurial cognition,  Government programs and public policy,  Economic Theory,  Evolution,  Bounded rationality,  Complexity
JEL Codes: A11B25L26
Evolutionary economicscomplexity economicscreative dynamicsentangled political economyentrepreneurshipepistemic institutions


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In this article:
1. Introduction 
2. Creative Dynamics 
3. Entangled Political Economy 
4. A Sketch of Common Origins 
5. Common Features 
6. Research Implications 
7. Conclusions 


This paper explores the relationship between two recently advanced research programs: Creative Dynamics and Entangled Political Economy. The two frameworks share some significant commonalities: both approach coordination as a process and not as a state, both focus on explanation as opposed to prediction, both work with open-ended models, and both follow the Hayekian tradition of treating knowledge as subjective, dispersed, and in need of discovery. However, the connection between the two approaches is not always clear as they seem to be created for different goals. Creative Dynamics is focused primarily on explaining novelty. Entangled Political Economy seeks to offer a uniform approach to understanding social coordination, treating political and economic activities as more similar than different. My paper serves three purposes. First, I provide a primer on the two distinct theories. Second, I explore their shared origins and common features. Third, I sketch three possible directions for future research.