The invisible wand: adaptive co-management as an emergent strategy in complex bio-economic system
This paper provides an economic perspective on concepts related to adaptive co-management (ACM). The discussion is cast within a formal generalised complex system (CS) framework. The authors explicitly explore the hypothesis of whether ACM can be regarded as an emergent strategy under specific conditions. The conditions draw a corollary from the well-known work of Adam Smith that describes 'self interest' as a forcing factor (the 'invisible hand) that lead to stability and efficiency in economic systems.