Showing papers by "Roger Koppl published in 2014"
TL;DR: In this article, the authors argue that the focus on bounded rationality and search is highly problematic for the fields of entrepreneurship and strategy and does not allow us to explain the origins of economic novelty.
Abstract: The nature of economic opportunity has recently received significant attention in entrepreneurship, organization science and strategy. The notion of boundedly rational search on an (NK) opportunity landscape has been particularly relevant to these conversations and debates. We argue that the focus on bounded rationality and search is highly problematic for the fields of entrepreneurship and strategy and does not allow us to explain the origins of economic novelty. We contrast the NP problem with the frame problem to illustrate our point, and highlight the role of adjacent possibilities and novel affordances. We discuss the entrepreneurial and economic implications of these arguments by building on unique insights from biology, the natural and computational sciences. Copyright © 2014 Strategic Management Society.
94 citations
Book•
15 Jul 2014TL;DR: Koppl as mentioned in this paper argues that the missing ingredient in many economic theories is a proper theory of "confidence", which is needed in any economic framework that is to explain one of the most important periods in modern economic history.
Abstract: Some would argue that the financial crash revealed failings in the discipline of economics as well as in the financial system. The main post-war approaches to economics, based on neo-classical and new- Keynesian principles and modelling, failed to anticipate the crash or the depth of the slump that followed. In this monograph, Roger Koppl, drawing on ideas from the Austrian school and the work that has been done on policy uncertainty argues that the missing ingredient in many economic theories is a proper theory of "confidence". The author is not only able to make sense of Keynes' "animal spirits", but also demonstrates how "Big Players" - often, though not always, government agencies - can undermine confidence, reduce long-term investment, increase speculation and reduce economic growth over a long period of time. From crisis to confidence not only describes the process through which the economy must go through before a full recovery after the financial crash, it also describes the journey that must be travelled by the discipline of economics. As economics students and other commentators question post-war macro-economics, Roger Koppl provides some of the answers needed to understand the long slump after the financial crash. A theory of confidence is needed in any economic framework that is to explain one of the most important periods in modern economic history.
56 citations
TL;DR: It is thought that the research record both in forensic science and in a variety of other scientific areas has reached a point that clearly establishes the pressing need for all forensic areas to address the problem of contextual bias.
10 citations
Posted Content•
TL;DR: The authors argue that existing notions of landscapes are overly focused on bounded rationality and search, rather than focusing on how to account for the readily manifest, emergent novelty we see in the economic sphere (the "frame problem").
Abstract: The nature of economic opportunity has recently received significant attention in entrepreneurship and strategy. The notion of search on an (NK) opportunity landscape has been particularly relevant to these conversations and debates. We argue that existing notions of landscapes are overly focused on bounded rationality and search (often instantiated as the problem of NP-completeness), rather than focusing on how to account for the readily manifest, emergent novelty we see in the economic sphere (the "frame problem"). We discuss the entrepreneurial and economic implications of these arguments by building on unique insights from biology, the natural and computational sciences.
7 citations
Book•
03 Oct 2014
TL;DR: The authors examines entangled political economy from several distinct but complementary points of view, tracing the history of entanglement to Adam Smith and Carl Menger and its implications for both theoretical and applied economics.
Abstract: The term the 'Entangled political economy' was first coined by Economist Richard E. Wagner of George Mason University who challenged the "additive" political economy paradigm with his "entangled political economy," which sees public and private entities as equal and entwined players in exchange relations. This volume examines entangled political economy from several distinct but complementary points of view. The history of entangled political economy is traced to Adam Smith and Carl Menger and its implications are worked out for both theoretical and applied economics. New directions in economic modeling are struck. Finally, entanglement is found to imply complexity, which leads not only to somewhat non-standard mathematical methods in economics, but also principled limits to the explanatory and predictive power of mathematical models in political economy. The volume demonstrates that Wagner's notion of entanglement opens new vistas for political economy in all its dimensions.
5 citations
3 citations