Creativity in a Theory of Entrepreneurship

43 Pages Posted: 29 Nov 2016 Last revised: 15 Jan 2019

See all articles by James Caton

James Caton

North Dakota State University - Department of Agribusiness and Applied Economics; American Institute for Economic Research; North Dakota State University - NDSU Center for the Study of Public Choice and Private Enterprise

Date Written: January 14, 2018

Abstract

I construct an economic agent in light of literature discussing entrepreneurship and creativity. It uses the framework provided by John Searle and extended by Caton and López. This construct is applied to a heuristic rendition of Sugarscape (Epstein and Axtell 1996; Wilensky 1999) to simulate an economy comprised of autonomous agents. These agents collectively participate in a process of adaptation that promotes economic coordination. Creativity in the model is generated by these agents and is regulated by a system subject to competitive pressures. Agents have some array of strategy structures and parameters that they alter by experimentation. When a system reaches a persistent state, creativity, as defined by this experimentation, settles to a relatively low level. However, if this system is upset by an exogenous shock, the agents must reorient themselves to the new environment by a process of trial and error in order to form a new regime of coordination.

Keywords: Entrepreneurship, Agent-based Computational Economics, Schumpeter, Kirzner

Suggested Citation

Caton, James, Creativity in a Theory of Entrepreneurship (January 14, 2018). NDSU Public Choice and Private Enterprise Research Paper No. 18-3. Available at SSRN: https://ssrn.com/abstract=2876175 or http://dx.doi.org/10.2139/ssrn.2876175

James Caton (Contact Author)

North Dakota State University - Department of Agribusiness and Applied Economics ( email )

Fargo, ND 58105
United States

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

North Dakota State University - NDSU Center for the Study of Public Choice and Private Enterprise

811 2nd Ave N.
Fargo, ND 58102
United States

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