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An Evolutionary Theory of Economic Change

1985-10-15 Business & Economics
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Release : 1985-10-15
Genre : Business & Economics
Kind : eBook
Book Rating : 431/5 ( reviews)

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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. This book was released on 1985-10-15. 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.

The Evolution of Economic Thought

2013 Economics
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Release : 2013
Genre : Economics
Kind : eBook
Book Rating : 900/5 ( reviews)

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Book Synopsis The Evolution of Economic Thought by : Stanley L. Brue

Download or read book The Evolution of Economic Thought written by Stanley L. Brue. This book was released on 2013. Available in PDF, EPUB and Kindle. Book excerpt: This textbook presents the history of economics and the philosophies that drive the economic way of thinking. It explains the ideas of the great economic thinkers and their logical connections to the world of today and tomorrow.

The Evolution of Economic Ideas

1978-10-05 Business & Economics
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Release : 1978-10-05
Genre : Business & Economics
Kind : eBook
Book Rating : 150/5 ( reviews)

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Book Synopsis The Evolution of Economic Ideas by : Phyllis Deane

Download or read book The Evolution of Economic Ideas written by Phyllis Deane. This book was released on 1978-10-05. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the history of economics for undergraduate students. Puts some of the current theoretical controversies into long-term perspective by tracing their historical antecedents and parallels.

The General Theory of Economic Evolution

2007-09-27 Business & Economics
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Release : 2007-09-27
Genre : Business & Economics
Kind : eBook
Book Rating : 870/5 ( reviews)

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Book Synopsis The General Theory of Economic Evolution by : Kurt Dopfer

Download or read book The General Theory of Economic Evolution written by Kurt Dopfer. This book was released on 2007-09-27. Available in PDF, EPUB and Kindle. Book excerpt: The first book to chart the development of the field of evolutionary economics, this book provides an integrated generic framework to define the rules of an economic system; how they are coordinated and the causes and consequences of their change. Packed with pedagogical features including essay and tutorial questions, case studies and an extensive bibliography, this book: proposes a new analytic framework for the study of the nature and causes of long run economic growth and development in market systems analyzes the foundations of the neoclassical tradition, before developing a thesis through micro, meso and macro domains drawing conclusions as to what can be learned from the point of view of policy analysis focuses on an open-systems analytical framework and successfully formulates and refines the analytical foundations of a new general theory of economic evolution. This volume is essential reading for scholars and students of economic evolution and as well as for anyone who seeks to better understand the complex evolutionary nature of the structure and dynamics of the knowledge-based economy in today’s society.

Economic Evolution and Revolution in Historical Time

2011-01-28 Business & Economics
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Release : 2011-01-28
Genre : Business & Economics
Kind : eBook
Book Rating : 624/5 ( reviews)

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Book Synopsis Economic Evolution and Revolution in Historical Time by : Paul W. Rhode

Download or read book Economic Evolution and Revolution in Historical Time written by Paul W. Rhode. This book was released on 2011-01-28. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the static, ahistorical models on which Economics continues to rely. These models presume that markets operate on a "frictionless" plane where abstract forces play out independent of their institutional and spatial contexts, and of the influences of the past. In reality, at any point in time exogenous factors are themselves outcomes of complex historical processes. They are shaped by institutional and spatial contexts, which are "carriers of history," including past economic dynamics and market outcomes. To examine the connections between gradual, evolutionary change and more dramatic, revolutionary shifts the text takes on a wide array of historically salient economic questions—ranging from how formative, European encounters reconfigured the political economies of indigenous populations in Africa, the Americas, and Australia to how the rise and fall of the New Deal order reconfigured labor market institutions and outcomes in the twentieth century United States. These explorations are joined by a common focus on formative institutions, spatial structures, and market processes. Through historically informed economic analyses, contributors recognize the myriad interdependencies among these three frames, as well as their distinct logics and temporal rhythms.

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