novelty

The emergence of novelty is a defining phenomenon of >evolution. Novelty is the emergence of a new dimension in the >state space of a system. In economics, novelty is >information to the actors which includes the common knowledge that the novelty has not been known to any of them. Information that is only new to some of the actors is object of their >learning.

One of the fundamental mechanisms for novelty in economic systems is the >hypercycle, where a new property/dimension of the state space emerges from >externalities between the actions of a set of actors that are cyclically closed.

Semantic Field
evolution
novelty
hypercycle