A new economic model for analysis of scholarly publishing — journal publishing in particular — is proposed that draws on club theory. The standard approach builds on market failure in the private production (by research scholars) of a public good (new scholarly knowledge). In that model...

Early stage innovation can benefit from cooperative pooling of distributed information and other innovation resources in order to discover entrepreneurial opportunities (what Allen and Potts (2016) call the ‘innovation commons'). The innovation commons is a private ordering, but social welfare...

We propose a method to construct a price index of cultural consumption in geographic space. The index — the CCPI — is calculated from a standardised cultural consumption basket purchased by a representative consumer over 30 locations in Australia, using 2010 price data. We use a full cost...

Do lower input prices to creative production reduce output prices or do they increase product variety? We propose an evolutionary model connecting price dynamics in input markets to innovation and variety generation in output markets. Lower input prices may be competed away in market share...

The theory of innovation policy widely neglects private uncertainty about optimal matching of an idea to an innovation institution for development. I argue that information pooling in the commons enables private uncertainty to be effectively resolved, prior to subsequent development in private...

We propose a new history-friendly approach to evolutionary socio-economic dynamics based around competition between five ‘utopias', as central ideas about which to order society: capitalism, socialism, democracy, nature, and nationalism (Montgomery and Chirot 2015). In our model, citizens...

We present a new evolutionary political economy approach to the study of long-run dynamics of socio-economic evolution and change based on a co-evolutionary model of differential citizen contributions to competing ‘utopias' – market, statism, and environmentalism. We model the transition to...

An NBM is a market form in that it is made of institutions and business models. It arises in a particular context where abundant novelty issuing from the producer side meets substantial search costs and evaluation difficulties on the consumer side. In a NBM consumers don’t necessarily know...

The task of this paper is to explore the interplay between fashion, consumer lifestyles and economic growth in the context of a world of technological change in which the menu of possibilities that consumers face is constantly changing and tending to increase in length. Our working definition of...

This chapter argues that innovation is evolving because the economy is evolving – specifically that as the economy transitions from a substrate of industrial to digital technologies, then the institutions of innovation become increasingly decentralized. A key feature of this evolutionary...