Information, Chance, and Evolution: Alchian and the Economics of Self-Organization

摘要: I. INTRODUCTION Alchian [1950] invoked the idea that selection could replace or supplement rationality conscious design in economic theory. Evolution Alchian's theory is a force complementary to and may even substitute for rationality. He showed lead firms act way consistent with maximizing as an evolutionary adaptation environment where positive profits are necessary survival. In such instance, no one individual within organization would know all knows because its intelligence distributed goal-seeking behavior emergent behavior. Hence, say if how his her actions any goal outcome. The collective product of their interactions must earn so can compete others scarce resources. Only observer-economist will macroscopic patterns appear be goal-oriented. By applying metaphor firm, emphasized self-organization over deliberate source order affairs. tackling this problem, he reinvigorated research program Adam Smith [1776] Hayek [1944] extolled. They called study invisible hand far more powerful than modern version, which little proposition about computation price vector. Their strong theorem statement inherent human affairs, "the result action but not design."(1) Like Alchian, stressed decentralized self-directed centralized planned deliberation. And they far-from-equilibrium processes optimizing equilibrium. arguments have strikingly tone economists versed evolution chaos, contemporary proponent Alchian. teaching shaped my understanding economics. I distill phrase "Economics information-theoretic." This evident from role chance plays work, what series coin flips giving yes answers questions. A property right list binary decision rules assigning authority agents; it too, information theoretic. Institutions theoretic well, give questions posed by agents seeking guidance social knowledge encoded institutions. gives survival carriers information. addition Williamson [1988], Jensen Meckling [1979], Friedman [1953] argue competition selects efficient forms organization. counterargument model Penrose [1952] Winter [1964; 1975] point out proponents fail exhibit mechanism through heritable determinants fitness transmitted.(2) trying uncover operate, Nelson [1974; 1982] internal culture structure transmitted characteristics. [1982] argues only beings possess knowledge, use meaning derive interaction among members becomes useful closely linked extend argument show dynamic comes into being evolves. tied Winter's enhanced performance lies behind For concreteness, consider network coordination game local interaction. II. …