The Evolutionary Foundations of Economics
The Evolutionary Foundations of Economics

Author: Kurt Dopfer

Publisher: Cambridge University Press

Published: 2005-05-23

Total Pages: 604

ISBN-13: 9781139443234

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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.

Darwin's Conjecture
Darwin's Conjecture

Author: Geoffrey M. Hodgson

Publisher: University of Chicago Press

Published: 2010-12

Total Pages: 303

ISBN-13: 0226346900

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A theoretical study dealing chiefly with matters of definition and clarification of terms and concepts involved in using Darwinian notions to model social phenomena.

Holistic Darwinism
Holistic Darwinism

Author: Peter Corning

Publisher: University of Chicago Press

Published: 2010-08-15

Total Pages: 555

ISBN-13: 0226116336

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In recent years, evolutionary theorists have come to recognize that the reductionist, individualist, gene-centered approach to evolution cannot sufficiently account for the emergence of complex biological systems over time. Peter A. Corning has been at the forefront of a new generation of complexity theorists who have been working to reshape the foundations of evolutionary theory. Well known for his Synergism Hypothesis—a theory of complexity in evolution that assigns a key causal role to various forms of functional synergy—Corning puts this theory into a much broader framework in Holistic Darwinism, addressing many of the issues and concepts associated with the evolution of complex systems. Corning's paradigm embraces and integrates many related theoretical developments of recent years, from multilevel selection theory to niche construction theory, gene-culture coevolution theory, and theories of self-organization. Offering new approaches to thermodynamics, information theory, and economic analysis, Corning suggests how all of these domains can be brought firmly within what he characterizes as a post–neo-Darwinian evolutionary synthesis.

An Evolutionary Theory of Economic Change
An Evolutionary Theory of Economic Change

Author: Richard R. Nelson

Publisher: Harvard University Press

Published: 1985-10-15

Total Pages: 456

ISBN-13: 9780674041431

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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 Microeconomics of Complex Economies
The Microeconomics of Complex Economies

Author: Wolfram Elsner

Publisher: Academic Press

Published: 2014-04-15

Total Pages: 599

ISBN-13: 0124115993

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The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters

Institutions and Evolution of Capitalism
Institutions and Evolution of Capitalism

Author: Francesca Gagliardi

Publisher: Edward Elgar Publishing

Published: 2019

Total Pages: 385

ISBN-13: 1785365002

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In just over 30 years, Geoff Hodgson has made substantial contributions to institutional economics, evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this volume brings together original contributions by world-leading scholars in specific areas that have played a significant role in influencing his thinking or represent key debates to which he has contributed. Building on some of the most significant philosophical and methodological foundations underlying Hodgson's work, the volume is organised around the recurring themes of institutions, evolution and capitalism.

The Foundations of Evolutionary Institutional Economics
The Foundations of Evolutionary Institutional Economics

Author: Manuel Scholz-Wackerle

Publisher: Routledge

Published: 2013-08-15

Total Pages: 405

ISBN-13: 1136008721

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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.

Microfoundations of Evolutionary Economics
Microfoundations of Evolutionary Economics

Author: Yoshinori Shiozawa

Publisher: Springer

Published: 2019-06-27

Total Pages: 360

ISBN-13: 4431552677

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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.

Darwinian Evolution and Classical Liberalism
Darwinian Evolution and Classical Liberalism

Author: Stephen C. Dilley

Publisher: Lexington Books

Published: 2013-05-02

Total Pages: 344

ISBN-13: 0739181076

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Darwinian Evolution and Classical Liberalism canvasses an array of thinkers from the past to the present as it examines fundamental political, philosophical, ethical, economic, anthropological, and scientific aspects of the ferment between Darwinian biology and classical liberalism. Early chapters focus on classical thinkers like John Locke and Adam Smith, while later chapters provide analyses of present-day classical liberals, focusing especially on F.A. Hayek, Thomas Sowell, and Larry Arnhart, the most prominent advocates of ‘contemporary’ classical liberalism. Thematically, the volume falls into three parts. Part I examines foundational matters, arguing that Darwinism and classical liberalism hold incompatible visions of morality, human nature, and individual autonomy. This section also contends that the free market’s spontaneous order is fully compatible with a teleological (or non-Darwinian) view of the universe. Part II turns to contemporary applications, contending that Darwinism and classical liberalism are at odds in their views of (or implications about) limited government, vital religion, economic freedom, and the traditional family. This section also argues that, since its inception, Darwinism has attenuated core tenets and values of classical liberalism and Western civilization. Part III of the volume contains alternative views to those in the first two parts, adding critical diversity to the book. Respectively, these chapters hold that Darwinian evolution simply has little to say about classical liberalism; an evolutionary account of human volition is fully compatible with the individual choice presupposed in classical liberalism; and evolutionary naturalism, unlike religious alternatives, provides a strong foundation for freedom, morality, and the traditional family.

The General Theory of Economic Evolution
The General Theory of Economic Evolution

Author: Kurt Dopfer

Publisher: Routledge

Published: 2007-09-27

Total Pages: 153

ISBN-13: 1134466870

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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.