An Evolutionary Theory of Economic Change

An Evolutionary Theory of Economic Change
Author: Richard R. Nelson
Publisher: Harvard University Press
Total Pages: 456
Release: 1985-10-15
Genre: Business & Economics
ISBN: 9780674041431

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.

Evolutionary Economics and the New International Political Economy

Evolutionary Economics and the New International Political Economy
Author: John De la Mothe
Publisher: Psychology Press
Total Pages: 344
Release: 1996
Genre: Business & Economics
ISBN: 9781855671577

Evolutionary economics focuses on the theory of the firm, organizational behavior and the role of technological change to reassess in a non-orthodox way the factors which motivate firms and individuals on a national and international level. With the heightened level of economic interaction, modern socio-economies are increasingly being shaped by their trade patterns and their innovation activities. In recent years it has become equally clear that standard neo-classical and fashionable "public choice" approaches to trade and economic growth are incapable of explaining the current "drift" of capitalist economies, or of guiding, in any practical way, the formulation of either publication innovation and trade policies or corporate strategies. The evolutionary approach is gaining currency amongst academics in business and management studies, as it embraces political and philosophical debates about the economy. This text brings together leading authorities in the field to examine and explain in a lucid, clear andauthoritative way the changing nature of relations within and between national economies.

The American Political Economy

The American Political Economy
Author: Marc Allen Eisner
Publisher: Routledge
Total Pages: 321
Release: 2013-12-17
Genre: Political Science
ISBN: 113461280X

Policy debates are often grounded within the conceptual confines of a state-market dichotomy, as though the two existed in complete isolation. In this innovative text, Marc Allen Eisner portrays the state and the market as inextricably linked, exploring the variety of institutions subsumed by the market and the role that the state plays in creating the institutional foundations of economic activity. Through a historical approach, Eisner situates the study of American political economy within a larger evolutionary-institutional framework that integrates perspectives in American political development and economic sociology. This volume provides a rich understanding of the complexity of U.S. economic policy, explaining how public policies become embedded in bureaucracy and reinforced by organized beneficiaries and public expectations. This path-dependent layering process helps students better understand the underlying historical dynamics, which provide a clearer sense of the constraints faced by policymakers now and in the future. The revisions to the second edition include: Complete rewrite of the chapter on the recent financial crisis, adding in commentary on the debt ceiling, the fiscal cliff, and other recent events. New material added and existing material updated in the chapter discussing the two welfare states. Extensive updates to the coverage of the global economy Expanded and updated discussion of Obama’s economic policies. Updates to figures and data throughout the text.

The Theoretical Evolution of International Political Economy

The Theoretical Evolution of International Political Economy
Author: George T. Crane
Publisher: Oxford University Press, USA
Total Pages: 354
Release: 1997
Genre: Business & Economics
ISBN: 9780195094435

This collection of classic and contemporary readings charts the historical and theoretical evolution of the field. This is a valuable resource for students and teachers of international relations and international economics.

Global Political Economy

Global Political Economy
Author: Ronen Palan
Publisher: Psychology Press
Total Pages: 310
Release: 2000
Genre: Business & Economics
ISBN: 0415204887

The text aims to provide succinct summaries of topical, wide-ranging issues and controversies, presenting a compact guide which should be of use to students and lecturers in IPE and international relations.

The New Evolutionary Economics

The New Evolutionary Economics
Author: Kurt Dopfer
Publisher:
Total Pages: 0
Release: 2014
Genre: Evolutionary economics
ISBN: 9781843767268

This three volume set gathers together selected key articles in evolutionary economics, ordering these into domains of micro analysis - concerned with agents - meso analysis - which is concerned with rule populations and trajectories - and macro analysis, which is about the structure and development of the whole economy. This authoritative collection, with an original introduction by the editors, will be of interest to scholars and researchers seeking to understand how evolutionary economics fits together and who seek to advance such an integrated approach.

Global Political Economy

Global Political Economy
Author: Robert O'Brien
Publisher: Bloomsbury Publishing
Total Pages: 442
Release: 2020-04-03
Genre: Political Science
ISBN: 1352009501

Offering an accessible introduction to both the historical roots and the contemporary dynamics of today's world economy, the extensively revised sixth edition of this bestselling textbook continues to lead the way in equipping students with the knowledge required to make sense of the fast-paced discipline of Global Political Economy. Illustrating the breadth of the subject, the book's authors – both highly regarded experts in the field – show how the national and international interact, while also placing an emphasis on the historical evolution of the world economy in order to appreciate the nuances of today's economic structures. The global economy is traced from the Industrial Revolution through each phase of a shifting world order to the modern day. Then follows an engaging exploration of the dynamics of today's economy, including: trade, production, finance, labour, gender, development, the environment, security and governance. This takes into account the latest developments in the global economy, from automation and the challenges posed to the labour force, to artificial intelligence and the increasing complex, global supply chains of modern transnational firms. This is the most authoritative and accessible textbook on global political economy, making it the ideal companion for students at undergraduate and postgraduate levels, on politics, international relations and related degrees. New to this Edition: - Extensively updated to feature the latest empirical developments, including rising economic nationalism, US trade wars with China, and populism. - Brand new boxed features illustrate the latest dynamics, including the impact of digital technologies, artificial intelligence and automation, and the growth and consequences of increasing inequality. - Greater coverage of the sustained threats to the liberal international order and likely future scenarios.

Evolutionary Economic Geography

Evolutionary Economic Geography
Author: Miroslav Jovanovic
Publisher: Routledge
Total Pages: 511
Release: 2008-10-07
Genre: Business & Economics
ISBN: 1134098464

The purpose of this book is to provide a guided tour through the theoretical foundations of spatial locations of firms and industries in an evolutionary economic framework. It addresses the issues of how a location of business in geographical space is selected and where economic activity may (re)locate in the future. The analysis is in the context

International Political Economy in the 21st Century

International Political Economy in the 21st Century
Author: Roy Smith
Publisher: Taylor & Francis
Total Pages: 361
Release: 2017-02-10
Genre: Political Science
ISBN: 1317612744

Understanding of the theories that underpin international political economy (IPE), and their practical applications, is crucial to the study of international relations, politics, development and economics. This is a comprehensive and accessible introduction to the field, with an engaging and coherent foundation to the subject. It considers traditional and alternative approaches to IPE, and in doing so elucidates key concepts, assumptions and the intellectual and historical context in which they arose and developed. At all times, it makes clear their relevance to issues from trade, finance and government, to environment, technology, health, labour, security, migration, development and culture. The book encourages independent reflection and critical thinking through a range of in-text guiding features. In addition, each chapter presents theoretical analysis alongside contemporary issues, helping the reader to relate to the real world of IPE and to better understand how theory helps inform interpretation of it. New to this edition: comprehensively updated to include key coverage of the post-2015 framework of the Sustainable Development Goals, the financial crisis and international government responses - successful or otherwise - to recent challenges; fully updated data, reflective questions, recommended readings, concept and example boxes, and illustrations; new chapters on health, migration and labour; additional coverage of trade theories and key contemporary issues, such as national versus human security, economic versus human development and illegal networks in global trade.

Microfoundations of Evolutionary Economics

Microfoundations of Evolutionary Economics
Author: Yoshinori Shiozawa
Publisher: Springer
Total Pages: 360
Release: 2019-06-27
Genre: Business & Economics
ISBN: 4431552677

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.