Open AccessThe roots of evolutionary economics: Crisis, transformation and metamorphosis
Author(s) -
Milan Zelený
Publication year - 2021
Publication title -
human systems management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.319
H-Index - 28
eISSN - 1875-8703
pISSN - 0167-2533
DOI - 10.3233/hsm-219003
Subject(s) - metamorphosis , recession , economics , productivity , workforce , agriculture , evolutionary economics , economic geography , market economy , economic system , economy , macroeconomics , keynesian economics , economic growth , ecology , biology , larva
Most world economies are undergoing fundamental transformations of economic sectors, shifting their employed workforce through the secular sequence of (1. Agriculture⟶2. Industry⟶3. Services⟶4. Government). The productivity growth rate is the driving force. Most advanced economies have reached the final stages of the sequence. Assorted recessions, crises and stagnations are simply cofluent, accompanying phenomena. Crises might be cyclical, but economic evolution is unidirectional. Traditional economics can hardly distinguish phenomena of crisis from those of the transformation. Because there is no “fifth sector”, some economies are entering the phase of metamorphosis, for the first time in history. Metamorphosis is manifested through deglobalization, relocalization and autonomization of local and regional economies. We are entering the Age of Entrepreneurship.