Conventional economic theories about growth and the evolution of future wealth may be inadequate. We need a theory and historical examination of the growth of the actual economic web and of whether, in a supracritical economy, a sufficiently high diversity of the web autocatalytically drives its own growth. Furthermore, we need to understand the mutually and collectively cross-enhancing power of complementary technologies, regulatory structure and attraction of consumers in the creation of wealth. That understanding may lead to new views of how to foster economic growth worldwide, particularly in the poverty-stricken parts of the globe.
One potential implication of our algorithmic model may be that isolated or small economic regions may be foredoomed to remain subcritical, with more limited economic growth opportunities than supracritical economies. For those regions, union into larger economic domains, thereby increasing the diversity of goods and services (and of the economic web itself) as well as the aggregate market, may help yield supracritical growth. (Europe seems to have followed this path.) Understanding more about the statistics of Schumpeterian gales of creative destruction may help guide future research, invention and investment more wisely towards emerging large, mutually enhancing sectors of the economy. We hope that these concepts are plausible enough to warrant detailed investigation into their policy implications.
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