Professor Jason Potts



School /
Work Unit

Economics , Finance and Marketing

Contact Details

+61 3 9925 5873


Building: 80
Level: 11
Room: 79

City Campus



Jason Potts


  • PhD (Economics ), Lincoln University, New Zealand (1999)
  • B.Com (Hons, Economics ) University of Otago, NZ, (1993)


Applied Microeconomics

Research Interests

Evolutionary economics , Innovation economics (and policy), Institutional economics and Cultural economics .

Research Projects and Funding

  • ARC Future Fellowship (2012-2016) FT120100509 ‘The Innovation Commons: How Australian industries are pooling innovation resources and why this matters’ $835,000
  • Principal Research Fellow (since 2006) in ARC Centre of Excellence in Creative Industries and Innovation, funded 2003-2013. Chief Investigator in ‘evolutionary economics and creative industries’ stream. $260,000.
  • Chief Investigator in ‘Games and the Wider Interactive Entertainment Industry in Australia: An Inquiry into Source of Innovation’ LP100200056. $263,000.
  • Project Leader ‘Modeling 4th order complexity in financial systems’ (2004–6) ARC Centre for Complex Systems. Sub-projects: ‘Complex networks and the world trade web’; ‘Complex behaviour in financial markets’; ‘Networked expectations in complex adaptive systems’; ‘Decision rule cascades in complex networks’.
  • Founding member of the ARC Centre for Complex Systems, awarded in 2003.
  • ‘Computational models of complex adaptive systems’ UQ Research Development Grants Scheme $40,000

External Research Funding

Beijing Institute for the Science of Science (China) project on ‘Creative Cities Index’ (2011) $25,000

NESTA (UK) project on Creative Industries Innovation Vouchers (2008) $10,000

NESTA (UK) project on Embedded Creatives Workforce (2007) $10,000

CIRAC (QUT) project on Evolutionary Economics of Creative Industries (2006) $10,000


Major Publications:


  1. Hartley, J., Potts, J. Cunningham, S., Banks, J., Keane, M. (2012) Key Words in Creative Industries. Routledge.
  2. Dopfer K, Potts J (eds) (forthcoming) Evolutionary Microeconomics; Evolutionary Mesoeconomics; Evolutionary Macroeconomics (three vols.). Elgar Critical Library, Edward Elgar.
  3. Potts, J. (2011) Creative Industries and Economic Evolution. Edward Elgar.
  4. (translated into Chinese and republished by Xiamen University Press, forthcoming, 2013)
  5. Dopfer, K., J. Potts (2008) The General Theory of Economic Evolution. Routledge. [translated into Russian and Japanese]
  6. Potts, J. (2000) The New Evolutionary Microeconomics: Complexity, Competence and Adaptive Behaviour. Edward Elgar. [Joint winner with Brian Loasby of the 2000 Schumpeter Prize.]


  1. Earl, P., Potts, J. (forthcoming) ‘The creative instability hypothesis’ Journal of Cultural Economics
  2. Hartley, J. Potts, J., MacDonald, T. (2012) ‘Creative City Index’ Cultural Science, 5(1). (e-journal)
  3. Rennie, E., Potts, J. (May, 2012) ‘Diamonds, pearls and Kimberley girls’ Griffith Review, 36 (e-edition)
  4. Petzold, T., Liao, H., Hartley, J., Potts, J. (July, 2012) ‘A world map of knowledge in the making: Wikipedia’s inter-language linkage as a dependency explorer of global knowledge accumulation’ Leonardo: Art, Science and Technology.
  5. Republished in Arts, Humanities and Complex Networks: A Leonardo Multimedia E-book and Web Companion. MIT Press (2012). E-book:
  6. Potts, J. (2012) ‘Novelty bundling markets’ Advances in Austrian Economics , (guest ed. David Andersson) 16: 291-312. (Emerald Group Publishing)
  7. Potts, J. (2011) ‘The use of happiness in society’ Policy, 27(1): 3-10.
  8. Earl, P. and Potts J. (2010) ‘Institutions and Governance: The Nobel Prize to Oliver Williamson and Elinor Ostrom’ Review of Political Economy, 23(1): 1-24.
  9. Potts, J., Foster, J. and Straton, A. (2010) ‘An entrepreneurial model of economic and environmental co-evolution’ Ecological Economics . 70(2): 375-83.
  10. Potts, J. (2010) ‘Innovation by elimination: An experimental approach to public sector innovation’ Innovation: Management, Practice and Policy, 12(2): 238-48.
  11. Potts, J., Kastelle, T. (2010) ‘Public sector innovation: What’s next?’ Innovation: Management, Practice and Policy, 12(2): 122-37.
  12. Potts, J. (2010) ‘Can behavioural biases in choice under novelty explain innovation failures?’ Prometheus, 28(2): 133-48.
  13. Dopfer, K., Potts, J. (2010) ‘Why evolutionary realism underpins evolutionary economic analysis and theory: A reply to Runde’s critique’ Journal of Institutional Economics , 6(3): 401-13.
  14. Cunningham, S., Potts, J. (2010) ‘Culture, creativity and the economy: Four models’ Revue d’Economie Politique, 120(1): 163-180.
  15. Potts, J. (2009) ‘Why the creative industries matter to economic evolution’ Economics of Innovation & New Technology, 18(7): 663-73.
  16. Banks, J., Potts, J. (2010) ‘Consumer co-creation in online games’ New Media and Society, 12(2): 253-270.
  17. Dopfer, K., Potts, J. (2009) ‘On the theory of economic evolution’ Evolutionary and Institutional Economics Review, 6(1): 23-44.
  18. Potts, J., Montgomery, L. (2009) ‘Does weaker copyright mean stronger creative industries? Some lessons from China’ Creative Industries Journal, 1(3): 245-261.
  19. Potts, J. (2009) ‘Open occupations: Why work should be free’ Economic Affairs, 29(1): 71-76.
  20. Potts, J. (2009) ‘Creative industries and innovation policy’ Innovation: Management, Practice and Policy, 11(2): 138-47. (Guest Editor of Special Issue on Creative Industries and Innovation)
  21. Potts, J. (2009) ‘Do developing economies require creative industries? Some old theory about new China’ Chinese Journal of Communication, 2(1): 92-108.
  22. Potts, J. (2009) ‘The innovation deficit in public services’ Innovation: Management, Policy and Practice, 11(1): 34-43.
  23. Potts, J. (2008) ‘Economic evolution, identity dynamics and cultural science’ Cultural Science, 1(2) (e-journal)
  24. Potts, J., Banks, J., Burgess, J., Cobcroft, R., Cunningham, S., Hartley, J., Montgomery, L. (2008) ‘Consumer co-creation and situated creativity’ Industry & Innovation, 15(5): 459-74.
  25. Potts, J. (2008) ‘Creative industries & cultural science’ Cultural Science, 1(1). (e-journal)
  26. Potts, J., Cunningham, S., Hartley, J., Ormerod, P. (2008) ‘Social network markets: A new definition of creative industries’ Journal of Cultural Economics , 32(3): 166-185.
  27. Potts, J., Cunningham, S. (2008) ‘Four models of the creative industries’ International Journal of Cultural Policy 14(3): 233-49.
  28. Quiggin, J., Potts, J. (2008) ‘Economics of non-market innovation & digital literacy’ Media International Australia, 128: 144-50.
  29. Potts, J. (2007) ‘Fashionomics’ Policy 23(4): 10–15. [Translated into German and republished in: Merkur: Neugier. Vom europaischen Denken. Sept/Oct 2008, pp. 928-33.]
  30. Potts J (2007) ‘Art and innovation: An evolutionary view of the creative industries’ UNESCO Observatory e-journal. 1(1).
  31. Potts J, Mandeville T (2007) ‘Toward an evolutionary theory of innovation and growth in the service economy’ Prometheus, 25(2): 147–160.
  32. Potts J (2007) ‘What’s new in the economics of arts and culture?’ Dialogue, 26(1): 8–14.
  33. Earl P, TC Peng, J Potts (2007) ‘Decision rule cascades and the dynamics of speculative bubbles’ Journal of Economic Psychology, 28(3): 351–364
  34. Potts J and K Morrison (2007) ‘Meso comes to markets’ Journal of Economic Behavior and Organization, 63(2): 307–312.
  35. Potts J (2007) ‘Exchange and evolution’ Review of Austrian Economics , 20(2-3): 123–35.
  36. Potts J (2007) ‘Evolutionary institutional economics ’ (Clarence Ayres Memorial Lecture) Journal of Economic Issues, 41(2): 341–51.
  37. Chai A, P Earl and J Potts, (2007) ‘Fashion, growth and welfare: An evolutionary approach’ Advances in Austrian Economics , 10(11): 187–207.
  38. Foster J, A Raine, J Potts (2006) ‘The new entropy law and the economic process’ Ecological Complexity, 3(4): 354–60.
  39. Potts J (2006) ‘How creative are the super-rich?’ Agenda 13(4): 139–50.
  40. Dopfer K, J Foster, J Potts (2004) ‘Micro–meso–macro.’ Journal of Evolutionary Economics , 14: 263–279.
  41. Potts J (2004) ‘Liberty Bubbles’ Policy, 20(3): 15–21.
  42. Dopfer K and J Potts (2004) ‘Evolutionary realism – a new ontology for economics ’ Journal of Economic Methodology, 11: 195–212.
  43. Earl P and J Potts (2004) ‘The market for preferences’ Cambridge Journal of Economics , 28: 619–33.
  44. Potts J (2003) ‘The Prometheus school of information economics ’ Prometheus, 21: 477–86.
  45. Potts J (2003) ‘What is economic evolution, and how does it relate to liberal philosophy?’ Policy, 19: 58–62.
  46. Jackson M, T Mandeville and J Potts (2002) ‘Innovation as competition: The evolution of the digital computation industry’ Prometheus 20: 323–36.
  47. Potts J (2001) ‘Knowledge and markets’ Journal of Evolutionary Economics , 11: 413¬–31. [Translated into Spanish and re-published in Revista Analisis Economico]
  48. Earl P and J Potts (2001) ‘Latent demand and the browsing shopper’ Managerial and Decision Economics , 21: 111–22.
  49. Nightingale J and J Potts (2001) ‘An alternative framework for economics .’ Post-Autistic Economics Review, Issue 10. ( [Reprinted in E Fullbrook (ed) The Crisis in Economics . Routledge.]


  1. Potts, J. (2012) ‘Creative industries and innovation in a knowledge economy’ Rooney, Hearn & Kastelle (eds) Handbook on the Knowledge Economy, vol 2. Edward Elgar: Cheltenham. (ch 13).
  2. Potts, J. (forthcoming) ‘New technologies and cultural consumption’ Handbook of the economics of Arts and Culture, vol II. D. Throsby and V. Ginsberg (eds). Oxford University Press.
  3. Banks, J., Potts J. (2012) ‘Modeling co-creativity: A co-evolutionary approach’ in J. Banks, Co-Creating Videogames. Bloomsbury Academic: London. (chapter 6).
  4. Foster, J. and Potts, J. (2009) ‘A micro-meso-macro perspective on the methodology of evolutionary economics : integrating history, simulation and econometrics’ In Gaffard, J-L, Nesta, L. and Cantner U., Schumpeterian Perspectives on Innovation, Competition and Growth. Berlin: Springer/Physica, pp. 53-70.
  5. Potts, J. (2010) ‘Ontology in Economics ’ R Poli (ed) Theory and Applications of Ontology: A handbook. Springer.
  6. Cunningham, S., Potts, J. (2009) ‘New economics for new media’ Mobile Technologies: from Telecommunications to Media (eds G Goggin and L Hjorth) Routledge. pp. 131-42.
  7. Potts, J., Montgomery, L. (2008) ‘Global reuse and adaptation in the creative industries: three further arguments against intellectual property’ J Reddy (ed) Creative Commons: International Perspectives. Icafai University Press. pp. 185-217.
  8. Cunningham, S., Banks, J., Potts, J. (2008) ‘Cultural Economy: The shape of the field’ Anheier H, Isar Y R, (eds.) The Cultural Economy. Sage.
  9. Morrison, K., Potts, J. (2008) ‘Industry policy as innovation policy’ G Hearn and D Rooney (eds) Knowledge policy: Challenges for the 21st century. Edward Elgar.
  10. Clark, J., Morrison, K., Potts, J. (2008) ‘The allocation of complexity’ S Yang and A Shan (eds) Intelligent complex adaptive systems. ANU Press.
  11. Metcalfe, J.S., Potts, J. (2007) ‘Internationalization of Services’ Keys of the World Economy (The Economic Ministry of Spain) (Re-printed in Chinese translation in ‘New perspectives on the creative economy’ (ed) M Keane)
  12. Potts, J. (2007) ‘X-efficiency vs. X-efficacy’ R Franz (ed) Renaissance in Behavioral Economics : Essays in honour of Harvey Leibenstein. Routledge. Chapter 5.
  13. Foster, J., Potts, J. (2006) ‘Complexity, networks and the importance of demand and consumption in economic evolution’ M McKelvey and M Holman (eds) Flexibility and Stability in Economic Transformation. Oxford University Press.
  14. Earl, P., Potts, J. (2004) ‘Bounded rationality and decomposability: The basis for integrating cognitive and evolutionary economics ’ J March and M Augier (eds) Models of a Man: Essays in memory of Herbert A. Simon, MIT Press, MA.
  15. Dopfer, K., Potts, J. (2004) ‘Evolutionary foundations of economics ’ Metcalfe JS and J Foster (eds) Evolution and Economic Complexity. Edward Elgar. pp. 3–23.
  16. Potts, J. (2003) ‘Toward an evolutionary theory of homo economicus: the concept of universal nomadism’ J Laurent (ed) Evolutionary Economics and Human Nature. Edward Elgar. pp. 195–216.
  17. Potts, J. (2001) ‘Commentary: history-friendly theories in economics ’ J Foster and JS Metcalfe (eds) Frontiers of Evolutionary Economics , Edward Elgar. pp. 188–196.
  18. Potts, J. (2000) ‘Uncertainty, complexity, and imagination’ P Earl and S Frowen (eds) Economics as an Art of Thought: Essays in memory of G.L.S Shackle. Routledge. pp. 162–84.
  19. Potts, J. (1999) ‘Choice, Complexity, and Connections’ S Dow and P Earl (eds) Contingency, Complexity and the Theory of the Firm. Edward Elgar. pp. 287–305.

Other Professional Publications:

  1. Bakhshi, H., Freeman, A., Potts J. (2011) State of Uncertainty: Innovation Policy Through Experimentation. NESTA Provocation 14. NESTA: London.
  2. Potts, J., Morrison, K. (2009) 'Nudging innovation: Fifth generation innovation, behavioural constraints and the role of creative business', NESTA working paper. (

Working Papers:

  1. Dopfer K, Potts J ‘Rule-based economics
  2. Dopfer K, Potts JPotts, J. Davidson, S. ‘Institutions of Innovation & the institutional possibility frontier’
  3. Potts, J., Shehadeh, T., Buddelmeyer, H. ‘Overeducation in Australia’s creative industries’
  4. Potts, J., Podkalicka, A. ‘A costly signaling theory of thrift and ethical consumption’
  5. Potts, J. ‘An evolutionary theory of the innovation commons’ (Keynote lecture for 2012 Schumpeter Society conference)
  6. Kastelle, T., Dodgson, M., Potts, J. ‘The evolution of innovation systems’
  7. Earl, P., Potts, J. ‘Grand designs versus bean counting: Creative cycles in firms’
  8. MacDonald, T., Potts, J. ‘Do falling input prices increase variety in creative industries?’
  9. Potts, J., MacDonald, T. ‘A cultural consumption price index for Australia’
  10. Potts, J. ‘Evolutionary happiness economics


Journal of Institutional Economics (2010–)

Associate Editor:
Review of AustrianEconomics (2011- )
Innovation: Management, Policy and Practice (2008–)
Cultural Science (2007 –)

Editorial Board:
Cosmos & Taxis (2012- )
International Perspectives on Creative Economy (2010–)

Book Review Editor:
Innovation: Management, Policy and Practice (2008–)