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Capitalism and Society

ISSN: 1932-0213.

The capitalist system is of great interest and importance in view of its outstanding dynamism relative to that of other systems tried in the past century. Yet the established body of economic theory—intertemporal, information-theoretic and game-theoretic—does not incorporate key elements of the capitalist dynamic: business innovation as distinct from technological advance and the contributions of entrepreneurs and financiers to the innovation process. As a consequence, established theory cannot capture the core of the dynamism. In fact, it contradicts the existence of such dynamism: capitalism is an evolving, unruly, open-ended system while the theory implies a deterministic future however buffeted it is by stochastic shocks.

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