Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics

1st Edition

Jack J Vromen

Routledge
Published October 19, 1995
Reference - 256 Pages
ISBN 9780415128131 - CAT# RU13844
Series: Economics as Social Theory

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Summary

The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional economics:
* the new theory of the firm,
* Nelson and Winter's evolutionary economics
* game theoretic accounts of spontaneous evolution.
Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like `institution' and `evolution'. However, the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches.

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