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What Is Evolutionary Economics?

  • Richard N. Langlois
  • Michael J. Everett
Part of the Recent Economic Thought book series (RETH, volume 36)

Abstract

All evolution is concerned with the growth of knowledge, a proposition no less true in economic systems (and society in general) than in biological ones. As the philosopher Elliott Sober (1984) notes, evolutionary theory is a theory of forces, that is, a theory of the causes of change, of the processes that produce a certain sequence of events and entities. Hayek (1945, p. 523) proposed that “economic problems arise always and only in consequence of change.” This implies that evolutionary theory is one way of studying economic problems. What is the evolutionary explanation in economics? How does it differ from the orthodox, that is, the neoclassical, explanation? The essay is an attempt to answer these questions by looking at the history and present state of evolutionary thinking in economics.

Keywords

Natural Selection Transaction Cost Evolutionary Theory Social Institution Evolutionary Approach 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Kluwer Academic Publishers 1994

Authors and Affiliations

  • Richard N. Langlois
    • 1
  • Michael J. Everett
    • 1
  1. 1.Department of Economics The College of Liberal Arts and SciencesStorrsUSA

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