ABSTRACT

It is time to recapitulate certain lessons that we have learned from the previous analysis of the economic landscape as a complex, open, evolving, selforganising and adaptive evolutionary system. Economists and analysts who argue in favour of the evolutionary model of the economy are not soothsayers. They have the (modest) right to be wrong. Niels Bohr, a Nobel Prizewinning physicist, once told a colleague who thought outside the ‘mainstream box’: ‘Herr Professor, we all agreed that your theory is crazy. However, we are not convinced that it is crazy enough to be right’ (Warsh, 2006, p. 262).