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Economic Structures and Dynamics: A Morphogenetic View

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Ragupathy Venkatachalam, Sunil Mitra Kumar

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Publisher Copyright: © 2021 Elsevier B.V. Copyright: Copyright 2021 Elsevier B.V., All rights reserved.

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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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