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An Evolutionary Theory Of Economic Change
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Book Synopsis An Evolutionary Theory of Economic Change by : Richard R. Nelson
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Book Synopsis Modern Evolutionary Economics by : Richard R. Nelson
Download or read book Modern Evolutionary Economics written by Richard R. Nelson and published by Cambridge University Press. This book was released on 2018-05-03 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evolutionary economics, reviewing in detail how this perspective has been manifest in various areas of economic inquiry where evolutionary economists have been active. Providing the perfect overview for interested economists and social scientists, readers will learn how in each of the diverse fields featured, evolutionary economics has enabled an improved understanding of how and why economic progress occurs.
Book Synopsis Applied Evolutionary Economics and the Knowledge-based Economy by : Andreas Pyka
Download or read book Applied Evolutionary Economics and the Knowledge-based Economy written by Andreas Pyka and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on knowledge-based economies and attempts to analyze dynamic innovation driven processes within those economies. It shows that evolutionary economics, and in particular the strand of applied industry and innovation studies often called Neo-Schumpeterian economics, has left the nursery of new academic approaches and is able to offer important insights for the understanding of socio-economic processes of change and development having a strong impact on economic reality all over the world. The contributions are summarized under four major sections knowledge and cognition, studies of knowledge-based industries, the geographical dimension of knowledge-based economies and measuring and modelling for knowledge-based economies and give a broad overview of the prolific research being undertaken in applied evolutionary economics. Students will find this book an invaluable resource for future research, as will researchers seeking an introduction to new methods and perspectives of analysis.
Book Synopsis Understanding Economic Change by : Ulrich Witt
Download or read book Understanding Economic Change written by Ulrich Witt and published by Cambridge University Press. This book was released on 2019 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how thinking in evolutionary terms enhances our understanding of the economic and social change taking place at all levels.
Book Synopsis New Developments in Evolutionary Innovation by : Gino Cattani
Download or read book New Developments in Evolutionary Innovation written by Gino Cattani and published by Oxford University Press. This book was released on 2021 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evolutionary thinking has had a profound impact on theories of technological innovation and strategy. This volume explores how significant advancements made in evolutionary biology since the 1970s influence evolutionary approaches to these areas, with an emphasis on the role of serendipity and unprestateability in innovation and novelty creation.
Book Synopsis The Evolutionary Foundations of Economics by : Kurt Dopfer
Download or read book The Evolutionary Foundations of Economics written by Kurt Dopfer and published by Cambridge University Press. This book was released on 2005-05-23 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely recognised that mainstream economics has failed to translate micro consistently into macro economics and to provide endogenous explanations for the continual changes in the economic system. Since the early 1980s, a growing number of economists have been trying to provide answers to these two key questions by applying an evolutionary approach. This new departure has yielded a rich literature with enormous variety, but the unifying principles connecting the various ideas and views presented are, as yet, not apparent. This 2005 volume brings together fifteen original articles from scholars - each of whom has made a significant contribution to the field - in their common effort to reconstruct economics as an evolutionary science. Using meso economics as an analytical entity to bridge micro and macro economics as well as static and dynamic realms, a unified economic theory emerges.
Book Synopsis The Foundations of Evolutionary Institutional Economics by : Manuel Scholz-Wackerle
Download or read book The Foundations of Evolutionary Institutional Economics written by Manuel Scholz-Wackerle and published by Routledge. This book was released on 2013-08-15 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generic institutionalism offers a new perspective on institutional economic change within an evolutionary framework. The institutional landscape shapes the social fabric and economic organization in manifold ways. The book elaborates on the ubiquity of such institutional forms with regards to their emergence, durability and exit in social agency-structure relations. Thereby institutions are considered as social learning environments changing the knowledge base of the economy along generic rule-sets in non-nomological ways from within. Specific attention is given to a theoretical structuring of the topic in ontology, heuristics and methodology. Part I introduces a generic naturalistic ontology by comparing prevalent ontological claims in evolutionary economics and preparing them for a broader pluralist and interdisciplinary discourse. Part II reconsiders these ontological claims and confronts it with prevalent heuristics, conceptualizations and projections of institutional change. In this respect the book revisits the institutional economic thought of Thorstein Veblen, Friedrich August von Hayek, Joseph Alois Schumpeter and Pierre Bourdieu. A synthesis is suggested in an application of the generic rule-based approach. Part III discusses the implementation of rule-based bottom-up models of institutional change and provides a basic prototype agent-based computational simulation. The evolution of power relations plays an important role in the programming of real-life communication networks. This notion characterizes the discussed policy realms (Part IV) of ecological and financial sustainability as tremendously complex areas of institutional change in political economy, leading to the concluding topic of democracy in practice. The novelty of this approach is given by its modular theoretical structure. It turns out that institutional change is carried substantially by affective social orders in contrast to rational orders as communicated in orthodox economic realms. The characteristics of affective orders are derived theoretically from intersections between ontology and heuristics, where interdependencies between instinct, cognition, rationality, reason, social practice, habit, routine or disposition are essential for the embodiment of knowledge. This kind of research indicates new generic directions to study social learning in particular and institutional evolution in general.
Book Synopsis Evolution and the Theory of Games by : John Maynard Smith
Download or read book Evolution and the Theory of Games written by John Maynard Smith and published by Cambridge University Press. This book was released on 1982-10-21 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 1982 book is an account of an alternative way of thinking about evolution and the theory of games.
Book Synopsis Darwinism and Evolutionary Economics by : John Laurent
Download or read book Darwinism and Evolutionary Economics written by John Laurent and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This outstanding collection of essays by leading scholars helps explain how evolutionary economics has come of age. They show how evolutionary economics offers a progressive and diverse research agenda built on strong foundations. These are essays of lasting value. J. Stanley Metcalfe, University of Manchester, UK Darwinism is fast becoming an orthodoxy of modern thought, a framework within which a wide range of knowledge communities conduct their discourse. Ever since its formation, Darwinian theory has experienced a close, though not always comfortable, association with economics. Evolutionary economists now appear to show little concern for the consistency of knowledge in their embrace of Darwinism. Darwinism and Evolutionary Economics brings together contributions from eminent authors who, building on Darwin s own insights and on developments in evolutionary theory, offer challenging views on how economics can use evolutionary ideas effectively. This collection of critical essays provides a thorough examination of the application of Darwinian theory to economic thought, and will appeal to evolutionary economists and all those with an interest in Darwin, innovation and evolutionary science.
Book Synopsis Microfoundations of Evolutionary Economics by : Yoshinori Shiozawa
Download or read book Microfoundations of Evolutionary Economics written by Yoshinori Shiozawa and published by Springer. This book was released on 2019-06-27 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides for the first time the microfoundations of evolutionary economics, enabling the reader to grasp a new framework for economic analysis that is compatible with evolutionary processes. Any independent approach to economics must include a value theory (or price theory) and price and quantity adjustment processes. Evolutionary economics has rightly and successfully concentrated its efforts on explaining evolutionary processes in technology and institutions. However, it does not have its own value theory and is not capable of explaining the workings of everyday economics processes, in which any evolutionary process would take place. Our point of departure is the addition of myopic agents with severely limited rational and forecasting capacities (in stark contrast to mainstream economics). We show how myopic agents, in a complex world, can produce a stable price system and demonstrate how they can adjust their production to changing demand flows. Agents behave without any knowledge of the overall process, and they generate a stable economy as large as the global network of exchanges. This is the true “miracle” of the market mechanism. In contrast to mainstream general equilibrium theory, this miracle can be explained without the need for an auctioneer or infinitely rational agents. Thanks to this book, evolutionary economics can now claim to be an independent approach to economics that can completely replace mainstream neoclassical economics.
Book Synopsis The Evolution of Modern States by : Sven Steinmo
Download or read book The Evolution of Modern States written by Sven Steinmo and published by Cambridge University Press. This book was released on 2010-07-19 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Evolution of Modern States, first published in 2010, is a significant contribution to the literatures on political economy, globalization, historical institutionalism, and social science methodology. The book begins with a simple question: why do rich capitalist democracies respond so differently to the common pressures they face in the early twenty-first century? Drawing on insights from evolutionary theory, Sven Steinmo challenges the common equilibrium view of politics and economics and argues that modern political economies are best understood as complex adaptive systems. The book examines the political, social, and economic history of three different nations - Sweden, Japan, and the United States - and explains how and why these countries have evolved along such different trajectories over the past century. Bringing together social and economic history, institutionalism, and evolutionary theory, Steinmo thus provides a comprehensive explanation for differing responses to globalization as well as a new way of analyzing institutional and social change.
Book Synopsis The Evolution of Economies by : Patrick Spread
Download or read book The Evolution of Economies written by Patrick Spread and published by Routledge. This book was released on 2015-12-22 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is clear even to casual observation that economies evolve from year to year and over centuries. Yet mainstream economic theory assumes that economies always move towards equilibrium. One consequence of this is that mainstream theory is unable to deal with economic history. The Evolution of Economies provides a clear account of how economies evolve under a process of support-bargaining and money-bargaining. Both support-bargaining and money-bargaining are situation-related - people determine their interests and actions by reference to their present circumstances. This gives the bargaining system a natural evolutionary dynamic. Societies evolve from situation to situation. Historical change follows this evolutionary course. A central chapter of the book applies the new theory in a re-evaluation of the industrial revolution in Britain, showing how specialist money-bargaining agencies, in the form of companies, evolved profitable formats and displaced landowners as the leading sources of employment and economic necessities. Companies took advantage of the evolution of technology to establish effective formats. The book also seeks to establish how it came about that a ‘mainstream’ theory was developed that is so wildly at odds with the observable features of economic history and economic exchange. Theory-making is described as a process of ‘intellectual support-bargaining’ in which theory is shaped to the interests of its makers. The work of major classical and neoclassical economists is contested as incompatible with the idea of an evolving money-bargaining system. The book reviews attempts to derive an evolutionary economic theory from Darwin’s theory of evolution by natural selection. Neoclassical economic theory has had enormous influence on the governance of societies, principally through its theoretical endorsement of the benefits of ‘free markets’. An evolutionary account of economic processes should change the basis of debate. The theory presented here will be of interest immediately to all economists, whether evolutionary, heterodox or neoclassical. It will facilitate the work of economic historians, who complain that current theory gives no guidance for their historical investigations. Beyond the confines of professional theory-making, many will find it a revelatory response to questions that have hitherto gone unanswered.
Book Synopsis Evolutionary Economics and Creative Destruction by : J. Stanley Metcalfe
Download or read book Evolutionary Economics and Creative Destruction written by J. Stanley Metcalfe and published by Psychology Press. This book was released on 2006 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central theme of this book is competition treated as an evolutionary process in which the focus is upon economic change and not economic equilibrium. This theme is explored by linking together differences in economic behaviour with the role of markets as co-ordinating institutions. In this picture innovation plays a central role as a primary source of differential behaviour of firms and the purpose of the book is to identify the consequences of these differences for competition and competitive advantage.
Book Synopsis Technological Innovation as an Evolutionary Process by : John M. Ziman
Download or read book Technological Innovation as an Evolutionary Process written by John M. Ziman and published by Cambridge University Press. This book was released on 2003-09-18 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ground-breaking yet non-technical analysis of the analogy that technological artefacts 'evolve' like biological organisms.
Book Synopsis Evolution for Everyone by : David Sloan Wilson
Download or read book Evolution for Everyone written by David Sloan Wilson and published by Delacorte Press. This book was released on 2007-03-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: With stories that entertain as much as they inform, renowned evolutionist David Sloan Wilson outlines the basic principles of evolution and shows how, when properly understood, they can illuminate the length and breadth of creation, from the origin of life to the nature of religion. What is the biological reason for gossip? For laughter? For the creation of art? Why do dogs have curly tails? What can microbes tell us about morality? These and many other questions are tackled by Wilson in this witty and groundbreaking new book. Now everyone can move beyond the sterile debates about creationism and intelligent design to share Darwin’s panoramic view of animal and human life, seamlessly connected to each other. Evolution, as Wilson explains, is not just about dinosaurs and human origins, but about why all species behave as they do—from beetles that devour their own young, to bees that function as a collective brain, to dogs that are smarter in some respects than our closest ape relatives. And basic evolutionary principles are also the foundation for humanity’s capacity for symbolic thought, culture, and morality. In example after example, Wilson sheds new light on Darwin’ s grand theory and how it can be applied to daily life. By turns thoughtful, provocative, and daringly funny, Evolution for Everyone addresses some of the deepest philosophical and social issues of this or any age. In helping us come to a deeper understanding of human beings and our place in the world, it might also help us to improve that world.
Book Synopsis Memetics and Evolutionary Economics by : Michael P. Schlaile
Download or read book Memetics and Evolutionary Economics written by Michael P. Schlaile and published by Springer Nature. This book was released on 2020-12-21 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the question of whether and how meme theory or “memetics” can be fruitfully utilized in evolutionary economics and proposes an approach known as “economemetics” which is a combination of meme theory and complexity theory that has the potential to combat the fragmentation of evolutionary economics while re-connecting the field with cultural evolutionary theory. By studying the intersection of cultural and economic evolution, complexity economics, computational economics, and network science, the authors establish a connection between memetics and evolutionary economics at different levels of investigation. The book first demonstrates how a memetic approach to economic evolution can help to reveal links and build bridges between different but complementary concepts in evolutionary economics. Secondly, it shows how organizational memetics can help to capture the complexity of organizational culture using meme mapping. Thirdly, it presents an agent-based simulation model of knowledge diffusion and assimilation in innovation networks from a memetic perspective. The authors then use agent-based modeling and social network analysis to evaluate the diffusion pattern of the Ice Bucket Challenge as an example of a “viral meme.” Lastly, the book discusses the central issues of agency, creativity, and normativity in the context of economemetics and suggests promising avenues for further research.
Book Synopsis Evolutionary Spatial Economics by : Miroslav N. Jovanović
Download or read book Evolutionary Spatial Economics written by Miroslav N. Jovanović and published by Edward Elgar Publishing. This book was released on 2020-01-31 with total page 831 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial question in contemporary economics concerns where economic activities will locate and relocate themselves in the future. This comprehensive, innovative book applies an evolutionary framework to spatial economics, arguing against the prevailing neoclassical equilibrium model, providing important concrete and theoretical insights, and illuminating areas of future enquiry.
