The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Evolutionary Economics

  • Ulrich Witt
Reference work entry


This article reviews the way of thinking about economic problems and the research agenda associated with the evolutionary approach to economics. This approach generally focuses on the processes that transform the economy from within and on their consequences for firms and industries, production, trade, employment and growth. The article highlights the major contributions to evolutionary economics and explains its key concepts together with some of their implications.


Behavioural theory of the firm Bounded rationality Capital accumulation Competition and selection Darwin, C. Diffusion of technology Endogeneity and exogeneity Entrepreneurship Evolutionary economics Evolutionary game theory Georgescu-Roegen, N. Growth Industrial clusters Innovation Institutionalism Institutions Knowledge Learning Life cycle National innovation systems Novelty Natural selection Path dependence Preferences Production theory Productivity growth Replicator equation Research and development Routines Rules of conduct Schumpeter, J. Selection Structural change Technical progress Technology Veblen, T 

JEL Classifications

A12 B25 B52 D01 D21 L10 O31 O33 O40 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Ulrich Witt
    • 1
  1. 1.