The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Evolutionary Economics

  • Ulrich Witt
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2033

Abstract

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.

Keywords

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 
This is a preview of subscription content, log in to check access

Bibliography

  1. Antonelli, C. 2001. The microeconomics of technological systems. Oxford: Oxford University Press.Google Scholar
  2. Arthur, W. 1994. Increasing returns and path dependence in the economy. Ann Arbor: Michigan University Press.CrossRefGoogle Scholar
  3. Brenner, T. 2004. Local industrial clusters – existence, emergence and evolution. London: Routledge.CrossRefGoogle Scholar
  4. Dosi, G. 1988. Sources, procedures, and microeconomic effects of innovation. Journal of Economic Literature 26: 1120–1171.Google Scholar
  5. Fagerberg, J. 2002. Technology, growth and competitiveness. Cheltenham: Edward Elgar.Google Scholar
  6. Georgescu-Roegen, N. 1971. The entropy law and the economic process. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
  7. Hayek, F. 1988. The fatal conceit. London: Routledge.CrossRefGoogle Scholar
  8. Hodgson, G. 2004. The evolution of institutional economics. London: Routledge.CrossRefGoogle Scholar
  9. Hofbauer, J., and K. Sigmund. 1988. The theory of evolution and dynamical systems. Cambridge: Cambridge University Press.Google Scholar
  10. Klepper, S. 1997. Industry life cycles. Industrial and Corporate Change 6: 145–181.CrossRefGoogle Scholar
  11. Malerba, F., R. Nelson, L. Orsenigo, and S. Winter. 1999. ‘History-friendly’ models of industry evolution: The computer industry. Industrial and Corporate Change 8: 3–40.CrossRefGoogle Scholar
  12. Metcalfe, J. 1994. Competition, Fisher’s principle and increasing returns in the selection process. Journal of Evolutionary Economics 4: 327–346.CrossRefGoogle Scholar
  13. Metcalfe, S., J. Foster, and R. Ramlogan. 2006. Adaptive economic growth. Cambridge Journal of Economics 30: 7–32.CrossRefGoogle Scholar
  14. Mokyr, J. 2002. The gifts of athena. Princeton: Princeton University Press.Google Scholar
  15. Nelson, R., and S. Winter. 1982. An evolutionary theory of economic change. Cambridge: Harvard University Press.Google Scholar
  16. Schumpeter, J. 1934. The theory of economic development. Cambridge: Harvard University Press.Google Scholar
  17. Schumpeter, J. 1942. Capitalism, socialism and democracy. New York: Harper.Google Scholar
  18. Veblen, T. 1898. Why is economics not an evolutionary science? Quarterly Journal of Economics 12: 373–397.CrossRefGoogle Scholar
  19. Witt, U. 2003. The evolving economy. Cheltenham: Edward Elgar.Google Scholar
  20. Young, P. 1993. The evolution of conventions. Econometrica 61: 57–84.CrossRefGoogle Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Ulrich Witt
    • 1
  1. 1.