Exchange and evolution

This paper offers an extension of the distinction of [Kohn, Cato Journal, 24:303339 (2004)] between the two paradigms of modern economic theory,value and exchange¿as derived from the generic¿operant framework of [Dopfer and Potts, The general theory of economic evolution, Routledge, London, (2007)]. I argue that Austrian and evolutionary economics can be analytically unified about a general framework of rule coordination and change that I shall call the generic value paradigm. This is an analytic generalization of Kohns exchange paradigm that will allow us to redefine his conception of the value paradigm as the operational value paradigm in terms of the economics of known and fully exploited opportunities